Coronavirus: 40% Walloon bosses worried about bankruptcy

Coronavirus: 40% Walloon bosses worried about bankruptcy
4 out of 10 bosses in Wallonia are worried they could go bankrupt due to coronavirus. Credit: Belga

Four in 10 Walloon bosses think they are at risk of going bankrupt in the short term, a weekly survey by the Walloon Union of Enterprises (UWE) revealed.

The lockdown measures currently in place have caused a significant drop in business in Wallonia, with 9 out of 10 businesses recording a decrease in turnover, and over half reporting a drop in revenue of more than 50%. As a result, many Walloon companies are worried the financial trouble will be too much.

Just over half of the businesses are unhappy with the support measures currently in place and cite an “urgent need for access to larger lines of credit,” according to UWE.

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“Liquidity problems within Walloon companies remain a major concern. Many companies have difficulties in paying their suppliers, or getting paid by their customers,” said UWE Managing Director Olivier de Wasseige.

“It is therefore absolutely essential that the announced agreement between the federal authorities and the financial sector is swiftly implemented,” he said, also pointing out the importance of regional measures.

60% of the companies surveyed have put their employees on temporary unemployment, which over 1,2 million Belgians are currently benefiting from. 

Jason Spinks
The Brussels Times

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