State of play of national insolvency data by outcomes currently available

Last update: 30 April 2019
 
BULGARIA
 
Proceedings by outcomes Figures
Total number of insolvency proceedings opened:
 
- 2015
 
- 2016
 
- 2017 (as of July)
 
 
1° Reorganization/rescue plan:
 
- 2015
 
- 2016
 
- 2017 (as of July)
 
 
2° Liquidation of assets
 
- 2015
 
- 2016
 
- 2017 (as of July)
 
 
3° Declaration of insolvency and termination of proceedings due to lack of funds to cover the initial costs
 
- 2015
 
- 2016
 
- 2017 (as of July)
 
 
4° Concluded insolvency proceedings
 
- 2015
 
- 2016
 
- 2017 (as of July)
 
 

- 674
 
- 669
 
- 702
 
 
 
 
- 9 (1,33 %)
 
- 0
 
- 0
 
 
 
 
- 70 (10,38 %)
 
- 41 (6,13 %)
 
- 59 (8,40 %)
 
 
 
 
 
 
- 443 (65,73 %)
 
- 479 (71,59 %)
 
- 477 (67,95 %)
 
 
 
 
- 44 (6,5 %)
 
- 43 (6,43 %)
 
- 70 (9,97 %)
 
Source : http://www.vss.justice.bg/root/f/upload/17/STAT_TABLICI_2017-09-26.pdf
 
By Angel Ganev 
Partner at Djingov, Gouginski, Kyutchukov & Velichkov 
Sofia, Bulgaria
&
Simeon Simeonov
Senior Associate at Djingov, Gouginski, Kyutchukov & Velichkov
Sofia, Bulgaria
 
 
CYPRUS
 
Proceedings by outcomes Figures
Total number of proceedings opened
 
  1. Voluntary winding up
 
  1. Compulsory winding up
 
Number (and %)
 

737  (Up to 30/04//2018)
 

37 (Up to 30/04//2018)
 
 
Source:http://www.mcit.gov.cy/mcit/drcor/drcor.nsf/bankruptcy_statistics_en/bankruptcy_statistics_en?OpenDocument
 
By Alexandra Kastrinou
Nottingham Law School,
Nottingham Trent University, England
 
 
CZECH REPUBLIC
 
Proceedings by outcomes Figures
 
2015
Insolvency petitions filed (total)
- consumer cases (successfully opened)
- reorganization orders
- liquidation orders (konkurs)
 
2016
Insolvency petitions filed (total)
- consumer cases (successfully opened)
- reorganization orders
- liquidation orders (konkurs)
 
2017
Insolvency petitions filed (total)
- consumer cases (successfully opened)
- reorganization orders
- liquidation orders (konkurs)
 
2018
Insolvency petitions filed (total)
- consumer cases (successfully opened)
- reorganization orders
- liquidation orders (konkurs)
 
 

32.319
23,472
22
2,386
 
 
29,534
22,358
29
1,855
 
 
23,303
19,365
21
1,505
 
 
20,966
18,252
16
1,079
 
   
 
Source: The Ministry of Justice, data on insolvency cases commenced at the first instance (regional) courts (agenda code V (MS) 141), available under https://cslav.justice.cz/InfoData/vykazy-soudu-a-statnich-zastupitelstvi.html
 
Further details, in particular on the outcomes of the reorganization and liquidation cases, are not available.
 
By Tomáš Richter
Of Counsel, Clifford Chance Prague LLP, Prague
External Lecturer, The Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague
 
 
DENMARK
 
Proceedings by outcomes Figures
8943
 
1° debt rescheduling/ Repayment plan
+ Rekonstruktion (in court restructuring)
+ Gældssanering (debt rescheduling for individuals)
 
 
2° Piecemeal liquidation
+ Konkurs (bankruptcy)
+ Tvangsopløsning (compultory winding up of companies)
 
 
 
8943 (100 %)

58 (0,6  %)
2453 (27,4 %)
 
 

 
3592 (40,2 %)
2840 (31,8 %)
 
 
 
 
Source:http://www.domstol.dk/om/talogfakta/statistik/Documents/Skiftesager/1.%20halvår%202017/Insolvens_modtagne_sager_1._halvaar_2017.pdf
 
by Piya Mukherjee
Partner at Horten Advokatpartnerselskab, Copenhagen
 
 
ENGLAND & WALES
 
The statistics only record entry into procedures, although the summaries discuss any trends that can be extrapolated from the data, particularly through shifts in usage of particular procedures over time.
Source: https://www.gov.uk/government/collections/insolvency-service-official-statistics
 
Only in the case of IVAs, does the Insolvency Service record statistics of failures, available at:
https://www.gov.uk/government/collections/individual-voluntary-arrangement-outcomes-and-providers
 
By Paul Omar
Senior Lecturer, De Montfort University
Technical Research Coordinator, INSOL Europe
 
 
ESTONIA
 
Proceedings by outcomes Figures
In 2016 a total of 340 bankruptcy proceedings were started.
 
Out of these 340 proceedings 335 proceedings involved companies and 5 involved non-profit organisations.
 
 Out of the 335 proceedings in 203 cases no full scale bankruptcy proceedings was carried out as the bankrupt companies did not have enough assets to cover the costs of the proceedings, so these companies were liquidated without going through bankruptcy proceedings.
 
 
 
 
 
 
 
Source : https://web.creditinfo.ee/pankrotid2016.pdf (in Estonian only).
 
By Peeter Viirsalu
Associate Partner at TGS BALTIC
Tartu, Estonia
 
 
FINLAND
 
Proceedings by outcomes Figures
Total number of proceedings opened (2018)
 
Yrityssaneeraus (Restructuring of enterprises)
 
Velkajärjestelyt (Debt adjustment of private persons)
 
Konkurssit (Bankruptcy, liquidation)
 
 
 
 
408
 
 
4 533
 
 
2 534
 
Sources:
https://tilastokeskus.fi/til/konk/index.html
http://www.stat.fi/til/ysan/
http://tilastokeskus.fi/til/velj/
 
By Tuula Linna
Professor at the Faculty of Law, University of Helsinki
 
 
FRANCE
 
Proceedings by outcomes Figures
Total number of proceedings opened  (2016)
 
1° debt rescheduling/ Repayment plan
+ Safeguard proceedings (opening):
+ Judicial rescue proceedings (opening):
 
+ Safeguard plans (continuation):
 
2° Partial sale of assets
3° Global sale of assets
 
4° Piecemeal liquidation
+ Liquidation judiciaire:
 
5° Other relevant figures
 
+ Rescue plans (continuation plan or global sale)
 
+Preventive proceedings:
- mandat ad hoc
 
- Conciliation proceedings (including):
= amicable settlements:
= approved agreements:
54 759


 
 1184
17134

920 

No available data
No available data

 
 
 
 
 
 5920


2128


508

166
94
 
Source Ministry of justice: www.justice.gouv.fr/statistiques
 
Other sources :
Wages guarantee fund: www.ags-garantie-salaires
Banque de France: www.banque-france.fr/statistiques
Altares: www.blog.altares (with connexion)
Euler: www.eulerhermes.com/france/fr
Assurance credit & Affacturage: www.safac.fr
 
 
By Jean-Luc Vallens
Arbitrator approved by the European Court of Arbitration and the Paris Mediation and Arbitration Center (CCI Paris IDF)
 
 
GREECE
 
The available statistical information is limited to number of bankruptcy petitions that were granted and number of proceedings in which the creditor claims were verified.
 
In Greece there are no online databases/sources where national insolvency statistics can be found.
 
By Stathis Potamitis
Managing Partner at PotamitisVekris
Athens, Greece
 
 
HUNGARY
 
Proceedings by outcomes 2016 2017
 
 
 
 
 
 
 
 
1° debt rescheduling/ Repayment plan
'csődeljárás'
 
2° Partial sale of assets
n/a
 
3° Global sale of assets
n/a
 
4° Piecemeal liquidation
'felszámolási eljárás'
 
 

120 'csődeljárás' opened in 2016 (as compared to 15,155 'felszámolási eljárás')
 
 
 
 
23 approved composition agreement
 
 
 
n/a
 
 
 
n/a
 
 
 
appr. 22,000 completed proceedings in 2016
 
 
109 'csődeljárás' opened (number of submissions) in 2017 (as compared to 15,875 'felszámolási eljárás')
 
 
24 approved composition agreement
 
 
 
n/a
 
 
 
n/a
 
 
 
appr. 18,000 completed proceedings in 2017
 

Source: https://birosag.hu/statisztikai-evkonyvek

By Zoltan Fabok
Counsel at DLA PIPER, Budapest
 
 
IRELAND
 
Proceedings by outcomes Figures
A) Total number of corporate insolvencies in 2017:
 
 

Receiverships

 

Examinerships

(Generally continue to remain at low levels)
 
 
 
 
 
 
 
 

 

 
 

Compulsory liquidations

 

Creditors voluntary liquidations

 
Overall, lowest total of corporate insolvencies since 2009.
Looking at the overall trend since 2007, highest number of insolvencies recorded in 2012 (1,684). The number of insolvencies has been declining since then.
While we are not seeing the low levels of insolvencies recorded during the “Celtic Tiger” years, it may be that the particularly low numbers seen in 2007-08 were outliers themselves. It may be that the levels presented in 2017 are a more realistic baseline to compare future levels to.
 
Geographically, the majority of corporate insolvencies in Leinster (66% (141) of the total appointments).
 
Ranking of the industry sectors:
1) service industry: 35% (229)
2) construction industry: 14% (92)
(In the previous years, the construction industry consistently had the largest number of insolvency appointments, indicating that the level of corporate failure in the industry is slowing down.)
3) retail industry: 12% (77)
4) hospitality industry: 10% (69)
5) wholesale industry: 31 insolvencies
 

 


 

657 (-14% (765) compared to 2016)



205 (31%) (-25% compared to 2016)
 
28 examiners appointed (4% of the 657 insolvencies) (11 appointments in 2016)
  • 13 have exited the process at the end of Q3 2017
  •  7 of these successfully returning to trading (54%)
  • 6 of these going into liquidation
  • 15 still in the process at the end of the year.


 31 liquidator appointed (30 appointments in 2016)

 

 
 
393 (60%) (-12% compared to 2016 (448))
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Source: Deloitte Insolvency Statistics / Insolvency Service Ireland, Quarter 3 2017
 
by Emilie Ghio
Lecturer in Law & Erasmus/Study Abroad Programme Coordinator
Birmingham City University, UK
 
 
LATVIA
 
Proceedings by outcomes Figures
Total number of proceedings opened:[1]
 
  • Juridiskās personas maksātnespējas process’
 
  • Tiesiskās aizsardzības process’ (incl. ‘Ārpustiesas tiesiskās aizsardzības process’)
 
Number (and %)
 

 590 (92,6 %)



47 (7,4 %)


 
 
Source:
https://ws.ur.gov.lv/urpubl?act=MNR_STAT&stat_id=532,
https://www.lursoft.lv/exec?act=MNR_LSTAT&lang=EN 
 
by Edvīns Draba
Associate at SORAINEN, Riga
 
 
LITHUANIA
 
Proceedings by outcomes Figures
Total number of proceedings opened in 2017 (2016)
 
1°Bankruptcy proceedings (leading to liquidation) opened in 2017 (2016),
of which were extrajudicial proceedings:
 
2° Finished proceedings (mostly by liquidation) 2017 (2016)
 
3° Restructuring proceedings in 2017 (2016)
 
 
3° Restructuring proceedings successfully finished in 2017 (2016)
 
4° Restructuring proceedings terminated (mostly leading to bankruptcy) in 2017 (2016)
 
NB! As a rule, only piecemeal sale of assets happens in Lithuanian bankruptcy proceedings, no partial or full sale of businesses. The reason is that due to particularities in law, all business operations have usually stopped when the insolvency practitioner can commence his duties.
 
 
Total number of natural person bankruptcy proceedings opened in 2017 (2016)
 
2979 (2763)
 
 
2951 (2732), i.e. 99.06 % (98.88 %) from  total number of opened proceedings,
179 (235), 8 % (6.6 %)
 
2867 (2202)
 
 
28 (31), i.e. 0.04 % (1.12%) from  total number of opened proceedings
 
9 (14)
 
 
28 (37)
 
 
 
 
 
 
 
 
 
 
 
 
447 (451)
 
 
 
Source: http://www.avnt.lt/veiklos-sritys/nemokumas-2/ (available only in Lithuanian)
 
By Frank Heemann
Rechtsanwalt
Partner at BNT attorneys in CEE
 
 
LUXEMBOURG
 
Proceedings by outcomes
Total number of proceedings opened
 
Figures
Number (and %)
2017
Figures
Number (and %)
2018
 
1° debt rescheduling/ Repayment plan
- Gestion contrôlée
 
 
2° Partial sale of assets
- Gestion contrôlée
 
3° Global sale of assets
- Faillites
 
4° Piecemeal liquidation
N/A
 
 
 
0
 
 
0
 
 
982 (100%)
 
 
N/A
 
 
 
 
0
 
 
0
 
 
1195 (100%)
 
 
N/A
 
 

Sources:
Registre de commerce et des Sociétés :
https://www.rcsl.lu/mjrcs/jsp/IndexActionNotSecured.action?time=1516372717994&loop=2
Memorial B: http://legilux.public.lu/search/B/
 
By Christel Dumont
Senior Counsel
Dentons Luxembourg
 
 
POLAND
 
Proceedings by outcomes
Number of bankruptcies and restructuring proceedings in 2016 Number of bankruptcies and restructuring proceedings in 2017
January - 49 business bankruptcies and 209 personal bankruptcies
February - 42 business bankruptcies, 2 restructuring proceedings and 292 personal bankruptcies
March - 63 business bankruptcies, 12 restructuring proceedings and 333 personal bankruptcies
April - 55 business bankruptcies, 11 restructuring proceedings and 366 personal bankruptcies
May - 51 business bankruptcies, 14 restructuring proceedings and 342 personal bankruptcies
June - 49 business bankruptcies, 18 restructuring proceedings and 450 personal bankruptcies
July - 53 business bankruptcies, 18 restructuring proceedings and 405 personal bankruptcies
August - 38 business bankruptcies, 29 restructuring proceedings and 315 personal bankruptcies
September - 60 business bankruptcies, 32 restructuring proceedings and 372 personal bankruptcies
October - 54 business bankruptcies, 19 restructuring proceedings and 511 personal bankruptcies
November - 43 business bankruptcies, 31 restructuring proceedings and 410 personal bankruptcies
December - 48 business bankruptcies, 30 restructuring proceedings and 433 personal bankruptcies.
January - 50 business bankruptcies, 24 restructuring proceedings and 367 personal bankruptcies
February - 46 business bankruptcies, 29 restructuring proceedings and 397 personal bankruptcies
March - 41 business bankruptcies, 35 restructuring proceedings and 546 personal bankruptcies
April - 45 business bankruptcies, 23 restructuring proceedings and 459 personal bankruptcies
May - 43 business bankruptcies, 21 restructuring proceedings and 510 personal bankruptcies
June - 47 business bankruptcies, 24 restructuring proceedings and 501 personal bankruptcies
July - 58 business bankruptcies, 33 restructuring proceedings and 430 personal bankruptcies
August - 55 business bankruptcies, 29 restructuring proceedings and 387 personal bankruptcies
September - 56 business bankruptcies, 27 restructuring proceedings and 345 personal bankruptcies
October - 50 business bankruptcies, 32 restructuring proceedings and 539 personal bankruptcies
November - 54 business bankruptcies, 32 restructuring proceedings and 502 personal bankruptcies
December - 46 business bankruptcies, 39 restructuring proceedings and 552 personal bankruptcies
Total in 2016 Total in 2017
  • 605 business bankruptcies
  • 216 restructuring proceedings
  • 4’438 personal bankruptcies
  • 591 business bankruptcies
  • 348 restructuring proceedings
  • 5’535 personal bankruptcies
 
Source: Centralny Ośrodek Informacji Gospodarczej (Centre for Information on the Economy http://www.coig.com.pl/) (translated into English by the contributor).
Other sources:
Główny Urząd Statystyczny (Central Statistical Office) http://stat.gov.pl/en/ but information on insolvency (i.e. restructuring and bankruptcy proceedings) is limited
Coface Poland Factoring (http://www.coface.pl/)
Euler Hermes (http://www.eulerhermes.com/Pages/default.aspx)
 
There is no centrally available information on whether a business has been sold in whole or piecemeal during bankruptcy proceedings, or how and under what terms and conditions the debts were restructured during any one of the four possible restructuring proceedings.
 
By Michał Barłowski
Radca prawny at Wardyński i Wspólnicy sp.k.
Warsaw
 
 
PORTUGAL
 
Proceedings by outcomes  (period between the 3rd and the 4th trimesters of 2016 and the 1st and the 2nd trimesters of 2017) Figures
Total number of proceedings opened
 
1° debt rescheduling/ Repayment plan
Special revitalisation proceedings
 
2.º rescue / liquidation
Insolvency proceedings
15 534
 
 
 1 424 (9%)
 
 
14 110 (91%)
 
Source:http://www.dgpj.mj.pt/search_form?SearchableText=processos+de+insolv%EAncia.
 
The official statistics only contemplate the insolvency proceedings and the special revitalisation proceedings and do not enable to determine the number of insolvency proceedings leading to rescue or liquidation nor distinguish between partial and global sale of assets and piecemeal liquidation.
 
By Catarina Serra
Professor at the University of Minho
Justice of the Portuguese Supreme Court
 
 
ROMANIA
 
The total number of proceedings opened by 31.08.2017:
 
General insolvency proceedings Restructuring proceedings Simplified insolvency proceedings Simplified bankruptcy proceedings General insolvency proceedings Total
5.364 1.455 2.522 11.384 9.012 29.737
 
Source: UNPIR the Romanian National Insolvency Association
 
By Radu Lotrean
CITR Group, Bucharest
 
 
SLOVAKIA
 
Proceedings by outcomes (2016) Figures
1° Bankruptcy  
  • Applications for bankruptcy
1.517*
  • Opened bankruptcy proceedings
1.099
  • Discontinued bankruptcy proceedings
262
  • Declared bankruptcies
682
2° Restructuring  
  • Applications for restructuring
151*
  • Opened restructuring proceedings
93
  • Discontinued restructuring proceedings
37
  • Pending restructuring proceedings
161
  • Finalised restructuring proceedings
96
  • Restructuring plans confirmed by court
90
3° personal bankruptcy  
  • Applications for personal bankruptcy
1.355*
  • Opened personal bankruptcies
141
  • Debtor released from debts
46
* including resolutions on applications filed with the relevant court prior to 1 January 2016
 
Source - Slovak Ministry of Justice: https://www.justice.gov.sk/Stranky/Informacie/Statistika-konkurznych-konani-OS.aspx
 
By Mgr. Slavomír M. Čauder
advokát, Bratislava
 
 
SLOVENIA
 
Number of initiated proceedings
 
Type of proceedings 2014 2015  
2016
 
2017
total per month total per month total per month total per month
Compulsory settlement proceedings 36 3,00 12 1,00 14 1,17 14 1,17
Simplified compulsory settlement proceedings 108 9,00 123 10,25 99 8,25 42 3,50
Preventive restructuring proceedings 9 0,75 5 0,42 0 0,00 5 0,42
Total 153 12,75 140 11,67 113 9,42 61 5,08
Type of proceedings 2014 2015 2016 2017
total per month total per month total per month total per month
Corporate bankruptcy proceedings 1.167 97,25 1.004 83,67 1.062 88,50 1.195 99,58
Personal bankruptcy proceedings 4.006 333,83 4.107 342,25 3.444 287,00 2.349 195,75
Total 5.173 431,08 5.111 425,92 4.506 375,50 3.544 295,33
                               
 
Number of successfully terminated reorganization proceedings – with confirmation of the agreement
 
Type of proceedings 2014 2015 2016 2017
no % no % no % no %
Compulsory settlement proceedings 20 23,53% 13 14,44% 6 6,38% 7 19,44%
Simplified compulsory settlement proceedings 59 69,41% 77 85,56% 85 90,43% 25 69,44%
Preventive restructuring proceedings 6 7,06% 0 0,00% 3 3,19% 4 11,11%
Total 85 100,00% 90 100,00% 94 100,00% 36 100,00%
 
By Romana Bernik
Republic of Slovenia, Ministry of Justice
 
 
SPAIN
 
Proceedings by outcomes Figures
Total number of insolvency proceedings opened

 
 - Companies
  • Limited liability company
  • Public limited company
  • Individuals with business activity
  • Other
 




-Individuals (no business activity)
 
1° Kind of procedure
+ Ordinary procedures
+ Summary procedures
 
2° Kind of insolvency proceedings
+ Voluntary insolvency proceedings
+ Compulsory insolvency proceedings
 
3° Early proposal of creditor’s arrangement
+ Yes
+ No
 
2016: 5.253 // 3th quarter 2017: 975



-2016: 4.080 // 3th quarter 2017: 766 
  • 2016: 3.422 // 3th quarter 2017: 629
  • 2016: 479 // 3th quarter 2017: 92
  • 2016: 229 // 3th quarter 2017: 30
  • 2016: 167 // 3th quarter 2017: 15

 

 -2016: 956 // 3th quarter 2017: 209

2016: 729 // 3th quarter 2017: 120
2016: 4. 524 // 3th quarter 2017: 855
 
2016: 4.889 // 3th quarter 2017: 922
2016: 364 // 3th quarter 2017: 53
 
 
2016: 11 // 3th quarter 2017: 1
2016: 5.242 // 3th quarter 2017: 974
 
 
Source:
- Annual: http://www.ine.es/dynt3/inebase/index.htm?padre=572
- 3rd quarter 2017: http://www.ine.es/dynt3/inebase/index.htm?padre=574
- report on the 3rd quarter figures: http://www.ine.es/daco/daco42/epc/epc0317.pdf
 
By Adrián Thery
GARRIGUES, Madrid
 
 
[1] Number of proceedings commenced is indicated (as opposed to number of cases initiated).