Bankruptcies of companies in Switzerland have increased by 16% in the first nine months of the year compared to the same period last year, according to Dun & Bradstreet.

The largest increases were seen in south-western Switzerland (26%), followed by Central Switzerland (22%), Eastern Switzerland (19%), and Zurich (17%).

The automotive industry experienced a significant rise in bankruptcies (47%), as did architectural firms (40%) and companies in the entertainment and leisure sector (33%). However, the construction industry reported a decline in insolvencies (35%), as did the wholesale sector (10%).

Despite the increase in bankruptcies, there was a slight increase in new company formations (2%), with the construction sector leading the way (38%). Other sectors that saw increases in new entries include education, land transportation, logistics, and the automotive industry. On the other hand, the wholesale sector experienced a decline (29%), as did utilities and architectural firms.