Business failures - France 2024Jan
Published on 15 February 2024
At the end of January, the number of corporate bankruptcies is still rising, even if it remains below its pre-pandemic average
- At the end of January, the number of corporate bankruptcies aggregated over twelve months reaches 56,290 (see Figure 1).
- The number of annual corporate bankruptcies is still below the average level recorded over the 2010-2019 period (59,342), prior to the COVID-19 pandemic. Indeed, the number of corporate bankruptcies had been particularly low since the beginning of the COVID-19 crisis, due to the adoption of regulations temporarily granting additional time to both assess and report insolvency, and, later, cash support measures to avoid the occurrence of insolvency.
- This figure reflects a catch-up trend that concerns all sectors of the economy (see Table A) however heterogeneously. It also applies to all company sizes (see Table B).
- However, the rate of increase of corporate bankruptcies over one year has been slowing steadily since January 2023 (see Figure 2).
To find out more: data on business start-ups are reported by the French National Institute of Statistics and Economic Studies (INSEE): Business births on the INSEE's website
A - Corporate bankruptcies by sector![]()
Bankruptcies in number of legal units, year on year change (%)
| Aggregate over previous 12 months (a) (raw data) | ||||||||
| Mean 2010-2019 | Dec. 23 | Dec. 23/Dec. 22 | Dec. 23/2010-2019 | Jan. 23 | Jan. 24 prov. | Jan. 24/Jan. 23 | Jan. 24/2010-2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,359 | 1,266 | 4.6% | -6.8% | 1,231 | 1,227 | -0.3% | -9.7% |
| Industry (BE) | 4,442 | 3,923 | 30.7% | -11.7% | 3,169 | 3,867 | 22.0% | -12.9% |
| Construction (FZ) | 14,684 | 11,735 | 39.6% | -20.1% | 8,722 | 11,904 | 36.5% | -18.9% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 13,070 | 12,042 | 31.5% | -7.9% | 9,502 | 12,153 | 27.9% | -7.0% |
| Transportation and storage (H) | 1,901 | 2,273 | 30.6% | 19.6% | 1,793 | 2,293 | 27.9% | 20.6% |
| Accommodation and food service activities (I) | 7,374 | 7,809 | 45.5% | 5.9% | 5,697 | 7,805 | 37.0% | 5.8% |
| Information and communication (JZ) | 1,480 | 1,714 | 45.5% | 15.8% | 1,224 | 1,721 | 40.6% | 16.3% |
| Financial and insurance activities (KZ) | 1,150 | 1,335 | 37.2% | 16.1% | 1,001 | 1,347 | 34.6% | 17.1% |
| Real estate activities (LZ) | 1,984 | 1,947 | 43.9% | -1.9% | 1,407 | 1,991 | 41.5% | 0.4% |
| Advisory & Business support activities (MN) | 6,380 | 6,487 | 35.7% | 1.7% | 4,924 | 6,630 | 34.6% | 3.9% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,311 | 5,393 | 33.5% | 1.5% | 4,258 | 5,279 | 24.0% | -0.6% |
| All firms (b) | 59,342 | 55,996 | 35.6% | -5.6% | 43,008 | 56,290 | 30.9% | -5.1% |
Source: Banque de France - database: Fiben. Data available early February 2024: final for December, provisional for January.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
Note: According to INSEE, the number of firms has risen by around 40% in 10 years.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before, and with the 2010-2019 average (January 2010 to December 2019).
b The line « All firms » includes legal units whose business sector is not known.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
Note: According to INSEE, the number of firms has risen by around 40% in 10 years.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before, and with the 2010-2019 average (January 2010 to December 2019).
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 previous 12 months (a) (raw data) | ||||||||
| Mean 2010-2019 | Dec. 23 | Dec. 23/Dec. 22 | Dec. 23/2010-2019 | Jan. 23 | Jan. 24 prov. | Jan. 24/Jan. 23 | Jan. 24/2010-2019 | |
| Size | ||||||||
| SME, among them | 59,309 | 55,940 | 35.6% | -5.7% | 42,980 | 56,234 | 30.8% | -5.2% |
| Micro-enterprises and unknown firm's size | 56,054 | 51,407 | 33.8% | -8.3% | 40,022 | 51,625 | 29.0% | -7.9% |
| Very small firms | 2,011 | 2,800 | 57.0% | 39.2% | 1,845 | 2,846 | 54.3% | 41.5% |
| Small firms | 914 | 1,299 | 65.3% | 42.1% | 831 | 1,315 | 58.2% | 43.9% |
| Medium-size firms | 330 | 434 | 66.9% | 31.5% | 282 | 448 | 58.9% | 35.8% |
| ISE - Large Firms | 33 | 56 | 115.4% | 69.7% | 28 | 56 | 100.0% | 69.7% |
| All firms | 59,342 | 55,996 | 35.6% | -5.6% | 43,008 | 56,290 | 30.9% | -5.1% |
Source: Banque de France - database: Fiben. Data available early February 2024: final for December, provisional for January.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before, and with the 2010-2019 average (January 2010 to December 2019).
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before, and with the 2010-2019 average (January 2010 to December 2019).
C - Changes in corporate bankruptcies![]()
1 - Number of bankruptcies
Cumulated over previous 12 months
From Dec. 1991 to December 2023 (+ January 2024 provisional)
Cumulated over previous 12 months
From Dec. 1991 to December 2023 (+ January 2024 provisional)
Note: The orange line represents the average value of the number of corporate bankruptcies over twelve months observed monthly between February 2010 and January 2019.
2 - Change in number of bankruptcies
Annual year-on-year change
From Dec. 1991 to December 2023 (+ January 2024 provisional)
(in %)
Annual year-on-year change
From Dec. 1991 to December 2023 (+ January 2024 provisional)
(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to December 2023 (+ January 2024 provisional)
From Jan. 2019 to December 2023 (+ January 2024 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 December 2023 (+ January 2024 provisional) (in %)
Cumulated over previous 12 months
From Dec. 2006 to December 2023 (+ January 2024 provisional) (in %)
Source: Banque de France - database: Fiben. Data available early February 2024: final for December, provisional for January
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