(Dec 2): Swedish bankruptcy levels are expected to exceed 10,000 this year, a figure that hasn’t been seen since a financial crisis in the 1990s spread from the banking sector into the wider economy, according to credit reference agency Creditsafe i Sverige AB.

“So far this year, 9,197 limited companies have gone bankrupt, an increase of 24% compared to the same period last year and a material 64% more than two years ago,” Creditsafe chief executive officer Henrik Jacobsson said in a statement on Monday.

The agency pointed to temporary tax deferrals as a significant driver of companies going bust in Sweden, describing the trend as “a ticking time bomb”. Real estate companies and car dealerships continued to struggle while retailers and consulting agencies showed some signs of improvement, Creditsafe said.

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