The number of businesses seeking bankruptcy protection hit its highest level in more than two years in March, as the recession sends more companies into financial crisis, according to a story today in the Dow Jones Daily Bankruptcy Review. The 7,843 commercial bankruptcy filings in March 2009 represent a 23.2% jump from the 6,365 filings the previous month. It’s also the highest monthly total of business filings since at least 2006, according to Automated Access to Court Electronic Records, or AACER.
Other data from AACER, a private firm that tracks bankruptcy filings, shows a 52.4% increase in business bankruptcy filings during Q1 of 2009 over the number of filings in Q1 of 2008. One expert predicts a record number of public companies to file bankruptcy this year.
Read the entire story here.