Credit: STATEC

Luxembourg's statistics agency Statec and the Ministry of Justice have confirmed that 450 companies were declared bankrupt and another 393 were liquidated in the first five months of 2022.

The Luxembourg courts declared a total of 450 bankruptcies between January and May 2022, down 10% compared to 2021. Nearly a third (28.7%) of the 450 bankruptcies concerned holding companies and investment funds, and about one-in-five (21.1%) concerned trade.

The Luxembourg courts also declared the liquidation of 393 companies between January and May 2022, down 24.4% compared to same period in 2021. As with bankruptcies, the companies most affected by liquidations between January and May 2022 are holding companies and investment funds (46.6% of the total) and those from the trade branch (15.5% of the total).