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Company failures up, liabilities down in Sep.

Date Posted: 2001-10-08

Reserching Company, Tokyo Shoko Research of Okinawa published its latest report on company failures on Okinawa, Monday.

According to the report, a number of bankruptcies during September increased although the total amount of debts owed by the failed companies decreased by a rather large margin compared to the previous month and the same month last year.

A total of twelve companies filed for bankruptcy, leaving ¥1.78 billion in debt. However, the research company’s analysis considers the situation an improvement both in number and amount. Failing Okinawan companies leave a total of about ¥3 billion in debts on an average month.

Looking at the situation over the last six months starting April, the number of bankruptcies was 65, which was considerably less than the average, but the debts amounted to a total of ¥39.3 billion, which is nearly double the average. Six cases of large-scale bankruptcies exceeding ¥10 in liabilities each pushed up the total amount.

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