MADRID, Jan 7 (Reuters) - The number of Spanish firms filing for bankruptcy protection almost tripled last year as builders and real estate developers went bust at record pace, consultants PriceWaterhouseCoopers said on Wednesday. The consultancy said 2,864 firms filed for administration last year, 1,849 more than in 2007.
"Between October and December more companies have filed for administration than in the whole of 2007," said PWC partner Enrique Bujidos.
"If this trend in the number of firms filing for bankruptcy protection continues through 2009, it's going to end in the collapse of the commercial courts".
Builders and property developers accounted for 1,079 of the victims, compared to just 256 in 2007 as a 10-year construction bonanza came crashing down at the start of the year.
Bujidos told Reuters last month that the number of firms seeking creditor protection could jump to 4,000 this year as Spain enters its first recession for 15 years.
More than 1,300 of those will be property and construction firms, unable to secure financing to stay afloat while the market dries up and they seek to repay over 470 billion euros in debt -- almost half of all Spain's corporate borrowing.
Five years ago, at the height of Spain's property-fuelled boom, just 102 firms sought bankruptcy protection. However Spanish businesses, which drew heavily on debt to fund expansion, are now vulnerable to a tightening in credit.
(Reporting by Ben Harding; editing by Elaine Hardcastle)