According to numbers released this week by BankruptcyData.com, the number of Chapter 7 and Chapter 11 filings by public companies in 2010 fell by more than half compared to the number of filings in 2009. (Hat Tip: The Wall Street Journal and Law360.com.)
The 106 filings in 2010 also had a net asset value of $89 billion, a steep drop-off from the $594 billion in combined asset value for companies entering bankruptcy the year before. Financial firms and bank holding companies accounted for more than half of the top 20 companies to file for bankruptcy last year, according to a list compiled by BankruptcyData. (The complete breakdown is only available to BankruptcyData subscribers.)
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