UrBC, Yekaterinburg, November 3, 2015. As of October 1, 2015, 1,094 businesses and sole traders were undergoing bankruptcy proceedings in Sverdlovsk Region; this is 128 companies, or 13%, more than a year earlier.

Russia’s Federal Tax Service’s local division reports the number of insolvency claims soared in the third quarter of the year: 74 new bankruptcy proceedings were instituted in three months.

‘The last time we’ve seen such a dramatic increase was five years ago, in the third quarter of 2010, when bankruptcies came along in the aftermath of the recession of 2008. At the same time, this quarter’s trend might actually be counterbalancing the unusually low (given the economic situation) number of bankruptcy cases in the previous quarter,’ the division says.

Most insolvency cases typically involve companies and sole traders already undergoing bankruptcy proceedings.