Bankruptcies in 2020 according to legal status;
Credit: STATEC
STATEC has reported that 1,206 companies went bankrupt in Luxembourg in 2020, compared to 1,239 the previous year.
Basing its report on data from Luxembourg's Ministry of Justice, STATEC specified that the month of December 2020 saw Luxembourg courts declare 72 bankruptcies, a decrease from the 118 bankruptcies declared in December 2019.
In 2020, 1,206 legal units declared bankruptcy. Despite the COVID-19 pandemic, this figure is similar to those for the years 2019 (1,239 bankruptcies) and 2018 (1,168 bankruptcies).
The bankruptcies declared in 2020 resulted in a loss of 2,032 jobs, compared to 2,178 in 2019 and 2,085 in 2018. These job losses are broken down by branches of economic activity as follows: construction (31%), non-financial services (23%), hospitality (19%), commerce (17%), industry (9%) and financial services (2%).
Whilst there was no significant increase in the number of bankruptcies over the past year, STATEC has predicted an increase in the number of bankruptcies in the months to come, in relation to the pandemic.
