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Post-pandemic bankruptcies continue to rise in Belgium

Illustration picture shows a poster for a business for sale on a Japanese restaurant in Brussels, Sunday 18 October 2020. (BELGA PHOTO NICOLAS MAETERLINCK)
05:39 02/06/2022

The number of bankruptcies in Belgium has increased steadily in recent months, reports RTBF. In May, nearly a thousand (988) companies had to close down.

In Flanders, a record number of bankruptcies have been reported. According to the Graydon data lab, which compiles these figures, the expected wave of post-pandemic bankruptcies has arrived, and is gaining momentum.

Several measures were taken during the health crisis to protect businesses. However, Graydon had long warned of a wave of bankruptcies when these measures were lifted. "We are now seeing a continuous increase, month after month, for the past eight months, in the number of bankruptcy filings," Graydon said.

The approximately 988 bankruptcies represent almost double the number of companies that went under in May 2021. May 2022 was the third worst month of May ever recorded in Belgium in regard to bankruptcies. In Flanders, it was the worst month ever, with a record number of 566 companies ceasing operations in May.

Since January, 4,092 companies have been declared bankrupt in Belgium, 55% more than in the same period a year earlier. Bankruptcies have affected 6,711 jobs since the beginning of 2022. 

Written by Nick Amies