248 Companies Declared Bankrupt, 38 Liquidated in Q3 2025

According to the latest figures from Luxembourg’s Ministry of Justice and STATEC, 248 companies were declared bankrupt and 38 were liquidated in Q3 2025.

Bankruptcies

Bankruptcies fell in Q3 2025 to 248 from 261 in Q3 2024 (-5%). Over the first nine months of 2025, however, bankruptcies edged up 1.6% (828 vs 815 between January and September 2024). Excluding holding companies and investment funds, the year-to-date increase is 1.8%.

Preliminary estimates indicate that bankruptcies led to 2,310 salaried job losses in the first three quarters of 2025, compared with 2,298 a year earlier. The largest number of bankruptcies (221) concerned holding companies and investment funds.

The trade sector recorded 126 bankruptcies in the first three quarters of 2025, three more than in the same period in 2024, resulting in around 300 salaried job losses.

In construction, there were 115 bankruptcies, an 18% decrease year on year, with an estimated 590 salaried jobs lost, down 41% and accounting for roughly a quarter of all salaried job losses linked to bankruptcies over the period.

The hospitality sector (Horeca) registered 89 bankruptcies, one fewer than a year earlier, with around 373 salaried jobs lost, a decline of 13%.

In administrative and support service activities, salaried job losses rose to 518 in the first three quarters, an increase of 225%, mainly due to the bankruptcy of a single company in September.

Liquidations

Liquidations increased by 59% over the first three quarters of 2025, albeit from an exceptionally low base in 2024. Of the companies liquidated in the period, 38% were holding companies and investment funds, and 17% were in the trade sector.

STATEC noted that the bankruptcy statistics are based on court decisions recorded in the Commercial Register, with the most recent data dating from Monday 13 October 2025.

The number of bankruptcies is calculated as the sum of "openings" or "reopenings" minus bankruptcies reported in the judicial procedure ("judgments and declarations of bankruptcy"). These figures are provisional.