Business failures - France 2022Mar
Published on 13 April 2022
The number of corporate bankruptcies over the last 12 months remains close to 30,000 and 45% below 2019
- By the end of March 2022, the number of corporate bankruptcies over one year (between April 2021 and March 2022) is 29,865. This represents an increase of 6.3% compared to the cumulative number of bankruptcies recorded between April 2020 and March 2021 (see Tables A and B, as well as Figure 2). However, interpreting this increase calls for caution since the latter includes the first months of the Covid-19 crisis. At the time, the temporary closure of commercial courts, the adoption of regulations temporarily granting additional time to both assess and report insolvency, and, later, the cash support measures to avoid the occurrence of insolvency resulted in a reduction of corporate bankruptcies.
- The number of corporate bankruptcies remains at a low level compared to the years prior to the COVID-19 pandemic. It is 44.8% below its level in March 2019, and 36.6% below that in March 2020 (see Figure 1). 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 (see Figure 3). At this stage, there are no 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) | ||||||||
| Feb. 20 | Feb. 21 | Feb. 22 | Feb. 22/Feb. 21 | Feb. 22/Feb. 20 | Mar. 22 prov. | Mar. 22/Mar. 21 | Feb. 22/Feb. 20 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,318 | 952 | 1,068 | 12.2% | -19.0% | 1,034 | 6.7% | -19.0% |
| Industry (BE) | 3,284 | 1,859 | 1,944 | 4.6% | -40.8% | 1,995 | 9.3% | -37.2% |
| Construction (FZ) | 10,702 | 5,441 | 6,283 | 15.5% | -41.3% | 6,376 | 16.7% | -37.7% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 10,783 | 6,039 | 6,246 | 3.4% | -42.1% | 6,492 | 8.5% | -37.5% |
| Transportation and storage (H) | 2,049 | 1,070 | 1,251 | 16.9% | -38.9% | 1,283 | 17.6% | -34.7% |
| Accommodation and food service activities (I) | 6,534 | 3,616 | 2,938 | -18.8% | -55.0% | 3,198 | -8.8% | -48.9% |
| Information and communication (JZ) | 1,295 | 813 | 878 | 8.0% | -32.2% | 922 | 11.6% | -26.4% |
| Financial and insurance activities (KZ) | 1,035 | 688 | 669 | -2.8% | -35.4% | 699 | 4.6% | -30.0% |
| Real estate activities (LZ) | 1,531 | 1,155 | 1,235 | 6.9% | -19.3% | 1,210 | 2.1% | -18.0% |
| Advisory & Business support activities (MN) | 5,649 | 3,553 | 3,769 | 6.1% | -33.3% | 3,795 | 5.9% | -29.5% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 4,725 | 2,937 | 2,669 | -9.1% | -43.5% | 2,794 | -3.9% | -38.0% |
| All firms (b) | 49,095 | 28,208 | 29,015 | 2.9% | -40.9% | 29,865 | 6.3% | -36.6% |
Source: Banque de France - database: Fiben. Data available in early April 2022: final for February, provisional for March.
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) | ||||||||
| Feb. 20 | Feb. 21 | Feb. 22 | Feb. 22/Feb. 21 | Feb. 22/Feb. 20 | Mar. 22 prov. | Mar. 22/Mar. 21 | Feb. 22/Feb. 20 | |
| Size | ||||||||
| SME, among them | 49,072 | 28,157 | 28,991 | 3.0% | -40.9% | 29,842 | 6.4% | -36.6% |
| Micro-enterprises and unknown firm's size | 46,730 | 26,548 | 27,310 | 2.9% | -41.6% | 28,077 | 6.2% | -37.3% |
| Very small firms | 1,442 | 930 | 1,076 | 15.7% | -25.4% | 1,148 | 23.7% | -17.7% |
| Small firms | 655 | 479 | 453 | -5.4% | -30.8% | 466 | 0.2% | -28.5% |
| Medium-size firms | 245 | 200 | 152 | -24.0% | -38.0% | 151 | -23.4% | -40.1% |
| ISE - Large Firms | 23 | 51 | 24 | -52.9% | 4.3% | 23 | -55.8% | -11.5% |
| All firms | 49,095 | 28,208 | 29,015 | 2.9% | -40.9% | 29,865 | 6.3% | -36.6% |
Source: Banque de France - database: Fiben. Data available in early April 2022: final for February, provisional for March.
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 February 2022 (+ March 2022 provisional)
Aggregate number of bankruptcies over the previous 12 months
From Dec. 1991 to February 2022 (+ March 2022 provisional)
2 - Change in number bankruptcies
Year-on-year change in the 12-month aggregate
From Dec. 1991 to February 2022 (+ March 2022 provisional)(in %)
Year-on-year change in the 12-month aggregate
From Dec. 1991 to February 2022 (+ March 2022 provisional)(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to February 2022 (+ March 2022 provisional)
From Jan. 2019 to February 2022 (+ March 2022 provisional)
4 - Loan amounts of bankrupt non-financial firms over loan amount of all firms - by firm size
Cumulated over previous 12 months
From Dec. 2006 to February 2022 (+ March 2022 provisional)
(in %)
Cumulated over previous 12 months
From Dec. 2006 to February 2022 (+ March 2022 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early April 2022: final for February, provisional for March.
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