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Belgium sees 599 bankruptcies in March

© Anastasia Chepinska for Unsplash

599 enterprises were declared bankrupt in Belgium in March 2021, according to the latest data from Statbel.

March’s bankruptcies resulted in 1,445 job losses, which includes 916 full-time positions, 296 part-time jobs and 233 salaried employers.

The sectors with the highest numbers of bankruptcies were transportation and other service activities, plus 142 losses in construction, 114 in wholesale and retail trade and 89 in accommodation and food service activities.

In terms of regions, Flanders had 311 bankruptcies, with 182 in Wallonia and 106 in Brussels.

Statbel notes that there is a delay between a business stopping its activities and a notification of bankruptcy from the court, meaning that the economic impact is only reflected in the figures after a certain period of time.

Additionally, because of the Covid-19 crisis, many business courts and registries are operating at reduced capacity, meaning cases aren’t processed as quickly.

Another point to consider along with the figures is that a Royal Decree regarding the freezing of bankruptcy proceedings before the courts was in force until 17 June of last year, in order to protect businesses that were financially healthy before the global pandemic.

The Brussels Times