According to figures from Creditreform’s monthly statistics compiled by Paperjam, there were 1,336 bankruptcies, up 11% on 2018.
The highest months for bankruptcy were March, 150, October, 141, and December, 128, the French-language publication reports.
It adds another level of urgency for Luxembourg’s bankruptcy law reform (bill 6539), which will be discussed by a small working group on 19 January.
The thrust of the reform centres aims to prevent bankruptcies through a raft of measures that will enable companies in difficulty to be reorganised. The reform also introduces the prospect of a second chance for bona fide traders to remain entrepreneurs. And includes a component for bad-faith players to avoid dropping one business and starting a new one.
Furthermore, the text includes a section on dissolving companies which have collapsed, have no assets but are not able to operate, according to parliament.