In 2024, Belgium experienced the highest number of bankruptcies in recent years, with 12,097 companies closing down, marking a nearly 5% increase compared to 2023. This resulted in over 27,000 job losses, with the construction sector being hit hardest.

The bankruptcy rate in Belgium was highest in Antwerp and Brussels, with Antwerp having 1,776 bankruptcies and Brussels following closely with 1,599. The construction, trade, and hospitality sectors were the most affected, with 2,816, 2,540, and 2,085 bankruptcies respectively, due to decreased demand.

While the risk of bankruptcy remained relatively low at 0.95%, slightly above pandemic levels, experts predict no drastic changes in the coming year. Factors such as political instability, geopolitical tensions, and economic conditions in key trading partners like Germany may impact the future outlook.

Read more in The Brussels Times

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Sara Davies, a Dragons' Den star, purchased Crafter's Companion for £425,000 earlier this year, after the company faced £16.7 million in debt and went into administration. She saved 134 jobs out of 148, but one store in Derbyshire had to close.

Before the buyout, Sara had given control of Crafter's Companion to Growth Partners, an investment group holding £8.2 million in loan notes. Despite the buyout, these loans will likely result in no return for Growth Partners, and Santander is owed nearly £1.9 million.

The report from administrators Interpath says: “The company was loss-making, recording a loss before tax of £6.7m and £5.1m in the years ended 31 March 2024 and 31 March 2023 respectively.

The company's financial troubles stemmed from long-term declining sales and significant losses. In November 2024, Crafter's Companion faced severe cash flow issues. At the time of administration, the company had about 200 trade creditors, including suppliers in China and the US.

Read the full story in Business Live

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As reported in Wein Plus Magazine, French winery insolvencies surged by 55% in 2024, significantly outpacing the overall economy's increase. Altares Dun & Bradstreet reported 211 cases, up from 136 in 2023, with a sharp rise in the final quarter. Gironde, Languedoc-Roussillon, and even Burgundy saw notable increases, though the overall number remains small compared to France's total wineries.

While liquidations are common, the wine industry shows better restructuring prospects. Of the 211 insolvencies, 47 resulted in liquidation, while restructurings and rescues increased substantially. This suggests some resilience within the sector despite the rising insolvency trend.

Find out more at Wein Plus

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From May 14, 2025, insolvency practitioners must report to OFSI if they suspect a client is a "designated person" or has breached sanctions. This applies if the information comes from their insolvency work, not other roles like receiver.

The regulations also introduce a new licensing ground. OFSI can now authorise activities related to insolvency and restructuring proceedings involving sanctioned entities. This allows for actions such as payments from frozen accounts and asset sales within insolvency processes.

These changes increase reporting obligations for insolvency practitioners. However, the new licensing ground should streamline handling sanctioned assets in insolvency, benefiting both practitioners and creditors by facilitating quicker distributions and asset sales.

Details published by Dentons

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Austrian property magnate Rene Benko has recently been arrested on suspicion of falsifying an invoice and trying to hide assets from creditors, according to prosecutors. This arrest marks a significant downfall following the collapse of his Signa Holding empire. Signa's insolvency in late 2023 triggered a cascade of bankruptcies across its vast portfolio, which included iconic properties like the Chrysler Building and shares in Selfridges. Debts were estimated at around 5 billion euros.

Signa subsequently initiated a series of sell-offs to recoup losses. These included stakes in the Chrysler Building, department stores like KaDeWe, and the luxury Hotel Bauer in Venice. Major retailers such as Central Group acquired several Signa assets.

Benko's personal woes compounded the crisis. He filed for personal insolvency and faced investigations for fraud and alleged corruption. Finally, in January 2025, Austrian authorities arrested Benko for allegedly concealing assets.

Full report from Reuters

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