Credit: STATEC
Luxembourg's national statistical office, STATEC, has confirmed that 180 companies were declared bankrupt and 70 were liquidated between early July and late August 2021.
According to the latest figures from STATEC and Luxembourg's Ministry of Justice, 117 companies were declared bankrupt and 70 were liquidated in July; an additional 63 companies were declared bankrupt in August 2021.
Bankruptcies
During the month of July 2021, the Luxembourg courts declared 117 bankruptcies (down from 132 in July 2020 and from 119 in July 2019). In August 2021, 63 bankruptcies were declared (up from 56 in August 2020 but down from 74 in August 2019). The number of bankruptcies recorded this summer thus remained stable compared to the years preceding the COVID-19 pandemic.
The companies most affected by bankruptcies in July were holding companies and investment funds (34 bankruptcies), as well as those from the commerce (21), real estate (12) and construction (10) sectors. In August, bankruptcies mainly concerned companies in the trade sector (14) and holding companies and investment funds (12).
Liquidations
In July 2021, the Luxembourg courts declared the liquidation of 70 companies (down from 117 in July 2020, but up from 31 in July 2019). This mainly concerned holding companies and investment funds. The Luxembourg courts do not declare liquidations in August.
Salaried job losses
The number of salaried job losses started to rise again in the first half of 2021. This amounted to 1,266 jobs, compared to 954 in the second half of 2020, i.e. an increase of 32.7%.
