POLITICS & INSTITUTIONS - ECONOMY

Statec

Bankruptcies in three-year low



Bankruptcies were at their lowest in three years in September and four years in October Photo: Shutterstock

Bankruptcies were at their lowest in three years in September and four years in October Photo: Shutterstock

The number of bankruptcies in Luxembourg shrank in September and October compared to last year, data published by national statistics office Statec shows.

In September, courts declared 64 businesses bankrupt, compared to 90 the same month last year. In October this year, there were 78 bankruptcies, a four-year low, from 153 in 2020, 124 in 2019 and 85 in 2018.

Luxembourg has so far escaped a wave of businesses folding in the wake of the pandemic. A Chamber of Commerce think tank in August had warned that it would be critical to monitor bankruptcies as pandemic aid for companies gradually expires.

The number of court-ordered liquidations remained higher, at 82 in September, compared to 23 in September last year and 76 in 2019. In October, there were 79 liquidations, compared to 142 in October 2020 and 66 the same month in 2019.

In both categories, holdings and retails businesses led the business closures.