Business failures - France 2022Jan
Published on 16 February 2022
Overall, corporate bankruptcies remain at a low level
- By the end of January 2022, the number of corporate bankruptcies over one year (between February 2021 and January 2022) is 27,792. This represents a decrease of 7.0% compared to the cumulated number of bankruptcies recorded between February 2020 and January 2021 (see Tables A and B, as well as Figure 2).
- The decrease concerns most firm size categories and sectors, including those most affected by restrictions resulting from the health situation, like accommodation and food service activities ( 31.2%) but also industry ( 8.0%), and wholesale and retail trade (-6.3%). Bankruptcies are moderately increasing in a number of sectors, like agriculture (+6.1%), transportation (+5.6%), real estate activities (+5.5%) and construction (+3.9%). Overall, the number of corporate bankruptcies remains low (Figure 1).
- Comparing the number of bankruptcies cumulated over one year by the end of January 2022 with respect to the same period one year before, the latter includes the first months of the Covid-19 crisis. At that time, the temporary closure of commercial courts and the adoption of regulations temporarily granting additional time to both assess and report the state of insolvency resulted in a reduction of corporate bankruptcies. Comparing instead with the number of bankruptcies cumulated over one year by the end of January 2020, a period entirely prior to the health crisis, the decrease in the number of bankruptcies cumulated by the end of January 2022 is even stronger at -44.2%.
- Despite the phasing out of support measures, some of which hold on in the crisis exit plan, bankruptcy figures at the beginning of 2022 remain overall lower than in 2019 and 2020 (see Figure 3).At this stage, there are not signs of a wave of insolvencies in the future.
To find out more: data on business start-ups are reported by the French National Institute of Statistics and Economic Studies (INSEE): Business start-ups on the INSEE's website
A - Corporate bankruptcies by sector![]()
Bankruptcies in number of legal units, year on year change (%)
| Aggregate over the last 12 months (a) (gross data) | ||||||||
| Dec. 19 | Dec. 20 | Dec. 21 | Dec. 21/Dec. 20 | Dec. 21/Dec. 19 | Jan. 22 prov. | Jan. 22/Jan. 21 | Jan. 22/Jan. 20 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,403 | 937 | 1,058 | 12.9% | -24.6% | 1,006 | 6.1% | -26.4% |
| Industry (BE) | 3,426 | 2,107 | 1,824 | -13.4% | -46.8% | 1,844 | -8.0% | -45.0% |
| Construction (FZ) | 11,069 | 6,133 | 6,013 | -2.0% | -45.7% | 6,024 | 3.9% | -44.3% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 11,120 | 6,801 | 5,903 | -13.2% | -46.9% | 6,041 | -6.3% | -44.4% |
| Transportation and storage (H) | 2,097 | 1,227 | 1,173 | -4.4% | -44.1% | 1,211 | 5.6% | -41.8% |
| Accommodation and food service activities (I) | 6,834 | 4,225 | 2,621 | -38.0% | -61.6% | 2,731 | -31.2% | -58.8% |
| Information and communication (JZ) | 1,276 | 901 | 842 | -6.5% | -34.0% | 872 | 2.2% | -31.7% |
| Financial and insurance activities (KZ) | 1,086 | 725 | 621 | -14.3% | -42.8% | 642 | -10.5% | -38.7% |
| Real estate activities (LZ) | 1,626 | 1,130 | 1,229 | 8.8% | -24.4% | 1,204 | 5.5% | -23.4% |
| Advisory & Business support activities (MN) | 5,810 | 3,827 | 3,638 | -4.9% | -37.4% | 3,637 | -1.8% | -36.3% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,125 | 3,131 | 2,548 | -18.6% | -50.3% | 2,513 | -18.1% | -49.1% |
| All firms (b) | 51,059 | 31,253 | 27,540 | -11.9% | -46.1% | 27,792 | -7.0% | -44.2% |
Source: Banque de France - database: Fiben. Data available in early February 2022: final for December, provisional for January.
Calculation : Banque de France - Companies Directorate - Companies Observatory
a Aggregate number of corporate bankruptcies over the past 12 months compared to the same aggregate one year and two years ago
b The line « All firms » includes legal units whose business sector is not known
Calculation : Banque de France - Companies Directorate - Companies Observatory
a Aggregate number of corporate bankruptcies over the past 12 months compared to the same aggregate one year and two years ago
b The line « All firms » includes legal units whose business sector is not known
B - Corporate bankruptcies by firm size![]()
Bankruptcies in number of legal units, year on year change (%)
| Aggregate over the last 12 months (a) (gross data) | ||||||||
| Dec. 19 | Dec. 20 | Dec. 21 | Dec. 21/Dec. 20 | Dec. 21/Dec. 19 | Jan. 22 prov. | Jan. 22/Jan. 21 | Jan. 22/Jan. 20 | |
| Size | ||||||||
| SME, among them | 51,035 | 31,205 | 27,513 | -11.8% | -46.1% | 27,765 | -7.0% | -44.3% |
| Micro-enterprises and unknown firm's size | 48,678 | 29,464 | 25,993 | -11.8% | -46.6% | 26,197 | -7.1% | -44.8% |
| Very small firms | 1,469 | 1,016 | 958 | -5.7% | -34.8% | 987 | 2.6% | -32.4% |
| Small firms | 637 | 533 | 406 | -23.8% | -36.3% | 432 | -14.8% | -31.8% |
| Medium-size firms | 251 | 192 | 156 | -18.8% | -37.8% | 149 | -22.8% | -39.9% |
| ISE - Large Firms | 24 | 48 | 27 | -43.8% | 12.5% | 27 | -42.6% | 8.0% |
| All firms | 51,059 | 31,253 | 27,540 | -11.9% | -46.1% | 27,792 | -7.0% | -44.2% |
Source: Banque de France - database: Fiben. Data available in early February 2022: final for December, provisional for January.
Calculation : Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over the past 12 months compared to the same aggregate one year and two years ago.
Calculation : Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over the past 12 months compared to the same aggregate one year and two years ago.
C - Changes in corporate bankruptcies![]()
1 - Number of bankruptcies
Aggregate number of bankruptcies over the previous 12 months
From Dec. 1991 to December 2021 (+ January 2022 provisional)
Aggregate number of bankruptcies over the previous 12 months
From Dec. 1991 to December 2021 (+ January 2022 provisional)
2 - Change in bankruptcies
Year-on-year change in the 12-month aggregate
From Dec. 1991 to December 2021 (+ January 2022 provisional)(in %)
Year-on-year change in the 12-month aggregate
From Dec. 1991 to December 2021 (+ January 2022 provisional)(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to December 2021 (+ January 2022 provisional)
From Jan. 2019 to December 2021 (+ January 2022 provisional)
4 - Loan amounts of bankrupt non-financial firms over loan amount of all firms - broken down by firm size
Aggregate over the previous 12 months
From Dec. 2006 to December 2021 (+ January 2022 provisional)
(in %)
Aggregate over the previous 12 months
From Dec. 2006 to December 2021 (+ January 2022 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early February 2022: final for December, provisional for January.
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