Corporate failures rose 18.2 percent in February from a year earlier to 1,712 cases, a postwar record for the month, Teikoku Databank Ltd. said Thursday.
Liabilities left by the failed firms rose 14 percent to 1.27 trillion yen, also a postwar record for the month, staying above the 1 trillion yen mark for the sixth straight month, the private credit agency said.
The statistics cover bankruptcies with liabilities of 10 million yen or more.
The latest data brought the cumulative number of corporate failures since April to 18,264, making it certain that the figure for fiscal 2001, ending March 31, will pass 20,000 and approach the postwar high of 20,363 marked in 1984, Teikoku Databank said.
"With the approach of the March book-closings, companies faced with a business slump, excess debts and fundraising difficulties come under increasing scrutiny, making it certain that corporate failures will exceed 20,000 cases in fiscal 2001 and come close to the postwar record of 20,363 in fiscal 1984," it said.
Four listed companies went under in February, matching the monthly records posted in January and November.
The four are: Japan Metals & Chemicals Co., with liabilities of 141 billion yen; Sogo Denki Co., with liabilities of 30.6 billion yen; Izumi Industries Ltd., with liabilities of 30.58 billion yen: and Nakamichi Corp., with liabilities of 20 billion yen.
Failures of established companies in business for 30 years or more came to 475 cases, accounting for 27.7 percent of the total, another record high.
Recession-induced bankruptcies totaled 1,290 cases. The ratio of such failures to overall bankruptcies stood at 75.4 percent, staying above the 75 percent mark for the 10th consecutive month.