The business fabric continues to suffer from the consequences of the economic crisis and the slow recovery after the pandemic. One of the worst effects of the crisis is the cessation of activity, which is that Spain will end the leading year in increasing corporate bankruptcies in the world, according to Council of Economists, With 24% increase When compared to the pre-pandemic period.
But that’s in terms of percentage, because if you see the absolute data, Spain is the European country with the lowest bankruptcy rate: Only 13 out of every 10,000 companies file for bankruptcy, which is lower than the European average of about 52 per 10,000 companies. France ranks first with more than 50,000 companies going bankrupt in 2021. The data for Spain is about 4,900 companies.
According to the study, in the forecast for 2022, It will take Spain another three to four quarters to recover before last spring. Next year, Spanish companies will remain among the ten countries that will suffer the highest rates of increase in bankruptcies, ahead of countries such as Italy (34%), the United Kingdom or Australia (both at 33%).
The government agreed to extend the so-called bankruptcy moratorium until June 30, 2022, which exempts debtors subject to this mandate from declaring voluntary bankruptcy and suspends judges’ obligation to accept necessary bankruptcy applications from creditors.
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