In January, 100 companies were declared bankrupt by Luxembourg courts, compared to 107 the same month last year. This number dropped to 96 in February, compared to 61 the year before.

Overall, Statec said the development wasn’t significant and bankruptcies have remained largely stable. A third of bankruptcies concerns holding companies and investment funds. Nearly one in five are active in retail and commerce.

The anticipated wave of pandemic bankruptcies was largely staved off with partial unemployment and other aid providing liquidity to cash-strapped businesses. The data published by Statec on Friday does not yet encompass the aftershocks of Russia’s invasion of Ukraine that has seen energy prices spike with ripple effects across the economy.

The government and social partners are a package of measures to support households during a meeting scheduled for 30 March. Business aid has also been in preparation and the government can move forward after the European Commission this week under state aid rules.

The number of court-ordered liquidations also remained mostly stable at the start of this year, with 82 liquidations in January (compared to 89 the previous year) and 88 last month (compared to 113 in February 2021).