Business insolvencies soared 31% in May compared with the same month last year, after 29% in April, according to data from Informa D&B, which show that last month 699 companies were forced to request the former suspension of payments compared with 532 in May 2022, recording the highest figure so far this year. Between January and May, the number of companies in insolvency proceedings was 2,585, slightly lower than the…
Crédito y Caución (Atradius) | After two years of decline during the pandemic years, global insolvencies increased by 9% in 2022. The increase was related to the halting of Covid fiscal support packages and the lifting of temporary changes to insolvency legislation. In some markets, insolvencies have completely normalized or even exceed pre-pandemic levels. In the majority of countries, though, we observe that insolvencies are in the process of adjusting…
José Carlos González Vázquez (CECA Magán) | Today I found out that not only does the liquidation platform not work but, what is much more serious, that the insolvency platform where the 32 electronic forms of the Third Book of the TRLC (Texto Refundido de la Ley Concursal) (Consolidated Text of the Insolvency Law) are uploaded does not work either. Yes, yes, you have read correctly: none of the platforms…
Company insolvency proceedings stood at 693 registrations in November, 71.5% more than in the same month of the previous year, according to the advance monthly data published on Thursday by the Association of Registrars. Madrid, with 213 insolvency proceedings, Catalonia, with 125, and the Valencian Community, with 107, accounted for nearly seven out of every ten insolvency proceedings filed in November. The Association of Registrars explained in its statement that…
On 15 November, the Official State Gazette published 311 insolvency proceedings, the highest number in a single day since records began. However, as José Martínez, managing director of the consultancy firm Gesico, explains, “243 insolvency proceedings correspond to individuals, both self-employed and employed individuals who have been forced to apply for the Second Chance Law because they are unable to pay their debts, According to Martínez, “This situation is caused…
Business insolvencies have registered, as of September 2022, the highest increase in that month in the last 10 years. A total of 718 insolvencies have been recorded, 90.5% more than in the same period of 2021, reaching a cumulative figure in 2022 of 4,237 insolvencies filed. Until May, we were in an ‘anaesthetised’ situation in the filing of insolvency proceedings, with a negative annual accumulated figure of 7.3%. However, from…
The number of insolvencies increases after the end of the moratorium approved to mitigate the effects of Covid-19. Insolvency proceedings soared to 45% in August, according to Axesor. During the eighth month of the year, 229 insolvencies were declared, 44.94% more than in the same month of 2021. Thus, in the cumulative figure for the year the number of proceedings totals 3,845, up 3.39% year-on-year, according to Axesor’s Business Radar…
Crédito y Caución (Atradius) | Global GDP growth is expected to slow in 2022, as price pressures are rising due to supply chaindisruptions, strong consumer demand and the Russia-Ukraine conflict. In some markets, we already saw a partial return to normality in 2021 in insolvency developments. Forinstance, in Spain, Italy and Czech Republic, insolvencies started to rise in 2021 after they declined in 2020. For the majority of markets, however,…
Crédito y Caución expects global insolvencies to increase by 33% in 2022. According to the latest report released by the credit insurer, the still low level of corporate bankruptcies this year is due to the extension of fiscal measures in many countries and the continuation of moratoria on the application of bankruptcy legislation. Contrary to initial fears when the pandemic broke out, corporate insolvencies fell by 14% in 2020. France,…
T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year, when the legal moratorium and confinement began, exempting administrators from filing for insolvency proceedings. The…