According to the latest figures provided by Luxembourg’s Ministry of Justice and STATEC, 287 companies were declared bankrupt and 312 were liquidated during the first quarter of 2023.
Bankruptcies went up 5% compared to the first quarter of 2022 (287 compared to 273 judgments). The construction sector was the most affected in the first quarter of 2023, both in absolute numbers (with 58 bankruptcies, i.e. +107.1% compared to the first quarter of 2022) and in terms of salaried job losses (estimated at around 325, i.e. more than 38% of the total).
The trade branch followed very closely behind with 55 bankruptcies, but the situation was different there: the number of bankruptcies remained stable compared to the first quarter of 2022 and job losses were estimated at less than 50. There were also 38 bankruptcies in the Horesca (hospitality) sector (+124% compared to the first quarter of 2022), with the first provisional data showing around 150 salaried jobs lost.
Liquidations were up slightly in the first quarter of 2023 (+1%). Nearly 70% of the companies liquidated during the period under review were holding companies and investment funds.
