Bankruptcy filings in Norway soared 41.3% during the first three months of 2003, compared to the same period last year. In Sweden, bankruptcy filings were up 12%, while in Denmark they rose a relatively modest 5%.
The numbers, reported by credit rating agency CreditInform, reflect an earlier economic slide in both Sweden and Denmark. While tough times first took hold in Norway last year, Sweden and Denmark already were dealing with a sharp economic downturn.
Lars Carlsson of CreditInform claimed that "Norway, pure and simple, is lagging behind" its two Scandinavian counterparts. "They have had many bankruptcies already," he said. "In Norway, we're seeing the results now."
In Denmark, he noted, the "negative bankruptcy trend" is starting to turn, while Sweden still has problems.
In Norway, bankruptcy filings are hitting new records, while some individual cases like Finance Credit have left creditors with stunning losses.
