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Company insolvencies

More than 100 companies in the Algarve have been declared insolvent since the beginning of the year.

They are among a total of more than 3,400 business insolvencies in Portugal, according to data released by the credit insurance company COSEC.

According to the data, at the end of the third quarter of 2011, there were 3,408 insolvencies in Portugal, representing an increase of 10% over the same period last year.

The construction and retail sectors continue to be the hardest hit, with 27% and 21% of insolvencies respectively.

A total of 105 Algarve businesses have been declared insolvent.