Number of bankruptcies in Flanders at pre-coronapandemic level | Economy

Last September, for the second time this year, the threshold of a thousand bankruptcies in Belgium was crossed, in October that limit was just not reached. Compared to October last year, 37.3 percent more companies went into bankruptcy.

In the first ten months of this year, a total of 8,166 companies already went bankrupt, an increase of almost half (+49.6 percent) compared to last year, but still slightly below the level before the Covid crisis. During the corona pandemic, companies in difficulty were able to apply for government support and there was a moratorium on bankruptcies.

In Flanders in particular, the increase in the number of bankruptcies is clear (+64.4 percent on an annual basis) and the figures are at the same level as before the corona crisis. At provincial level, there are strong increases in Antwerp and West Flanders, Limburg is the only province where the number of bankruptcies is still below the pre-corona level.

At sector level, after ten months we see an increase in the number of bankruptcies in all sectors. The largest increase compared to 2021 can be observed in the hospitality industry, where 71.9 percent more business went bankrupt. Graydon emphasizes that the number of bankruptcies in that sector was “exceptionally low” last year. Although the hotel and catering industry is experiencing the largest increase by far, the construction industry still accounts for the largest volume of bankruptcies with 1,684 judgments. In this sector, the increase compared to the January-October period last year amounts to 47.6 percent.

Number of bankruptcies accelerates in September

60 million euros in unjustified corona support has been repaid to the Flemish government