August bankruptcies fall to four-year low

According to the credit reporting company UC, corporate bankruptcies in August were 5 percent lower than in August last year.

UC saw a decline of 9 percent in the construction industry, 33 percent in hotels and restaurants and 10 percent in wholesale trade. Retail trade is going against the trend with an increase of 33 percent, UC wrote in a press release.

According to Creditsafe, 413 limited liability companies went bankrupt in August, compared with 467 in August last year - a decline of 12 percent.

"The economy is slowly moving in the right direction and if it continues to strengthen, there is much evidence that the decline in bankruptcies will continue for a good while to come," says Henrik Jacobsson, CEO of Creditsafe, in the press release.