According to the latest figures provided by Luxembourg's Ministry of Justice and STATEC, 162 companies were declared bankrupt and 30 were liquidated during the third quarter (Q3) of 2023.
The number of bankruptcies increased slightly in Q3 of 2023 (162 compared to 157 judgments in Q3 of 2022, up 3%).
During the first nine months of 2023, the number of bankruptcies increased by 9% (710 compared to 650 judgments between January and September 2022). According to initial estimates, bankruptcies led to 1,943 salaried job losses, compared to 1,297 during the same period of 2022, an increase of almost 50%. According to the authorities, the last time there was a similar or higher number of job losses in this context was back in 2016.
The commerce sector deplored 141 bankruptcies during the first three quarters of 2023, i.e. ten more than in the same period of 2022 (up 8%), and around 250 losses of salaried jobs (up 57%).
There are 117 bankruptcies in the construction sector, 43 more than the same period in 2022 (up 58%). Losses of salaried jobs are estimated at more than 700 (up 41%), or around 36% of the total losses of salaried jobs linked to bankruptcies during the first three quarters of 2023.
Bankruptcies numbered 80 in the Horeca (hospitality) sector, fifteen additional bankruptcies compared to the same period of 2022 (up 23%), resulting in some 300 salaried jobs lost (up 78%).
The number of liquidations fell sharply in the third quarter of 2023 (30 compared to 81 judgments in the third quarter of 2022, down 63%). Liquidations also dropped during the first three quarters of 2023 (down 23%). More than 60% of the companies liquidated during the period under review were holding companies and investment funds.
