Thus far, 2014 has been characterised by a record number of insolvencies year-on-year (64,127,
up 3.5%), well ahead of the peak seen in 2009. However, over the first four months of 2014,
there has been a slowdown, with the number and cost of the insolvencies falling 2.3% and
16.4% respectively compared to the first four months of 2013. In addition, this financial cost
(outstanding amounts) is at a level close to that of 2009 (4.64 billion euros), and has been
on a downwards trend since December 2013. Most of the companies currently experiencing
difficulties are small companies