Business failures - France 2024Mar
Published on 5 April 2024
At the end of March, the number of corporate bankruptcies continued to catch up towards pre-pandemic average
- At the end of March, the number of corporate bankruptcies aggregated over twelve months continued to catch up, reaching 58,287 (see Figure 1).
- The number of annual corporate bankruptcies is still lower, but is approaching the average level recorded over the 2010-2019 period (59,342), prior to the COVID-19 pandemic.
- 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).
- As a reminder, this increase seems to be due to a dual effect : - The current slowdown in the economy, even if growth remains positive at 0.8% expected in 2024;
- Public services and those of the Banque de France are mobilised to help companies in difficulty. However, the number of cases referred to the Credit Mediation Service has not increased.
- The Catch up on the "backlog of corporate bankruptcies" observed during the Covid period (nearly 50,000 fewer corporate bankruptcies over the period 2020-2023).
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 | Feb. 24 | Feb. 24/Feb. 23 | Feb. 24/2010-2019 | Mar 23 | Mar 24 prov. | Mar 24/Mar 23 | Mar 24/2010-2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,359 | 1,332 | 10.2% | -2.0% | 1,210 | 1,266 | 4.6% | -6.8% |
| Industry (BE) | 4,442 | 3,985 | 20.7% | -10.3% | 3,431 | 3,989 | 16.3% | -10.2% |
| Construction (FZ) | 14,684 | 12,352 | 37.9% | -15.9% | 9,337 | 12,478 | 33.6% | -15.0% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 13,070 | 12,615 | 29.2% | -3.5% | 10,157 | 12,523 | 23.3% | -4.2% |
| Transportation and storage (H) | 1,901 | 2,421 | 31.9% | 27.4% | 1,877 | 2,452 | 30.6% | 29.0% |
| Accommodation and food service activities (I) | 7,374 | 8,028 | 35.5% | 8.9% | 6,186 | 7,965 | 28.8% | 8.0% |
| Information and communication (JZ) | 1,480 | 1,743 | 35.2% | 17.8% | 1,335 | 1,736 | 30.0% | 17.3% |
| Financial and insurance activities (KZ) | 1,150 | 1,414 | 39.0% | 23.0% | 1,070 | 1,417 | 32.4% | 23.2% |
| Real estate activities (LZ) | 1,984 | 2,093 | 45.1% | 5.5% | 1,479 | 2,126 | 43.7% | 7.2% |
| Advisory & Business support activities (MN) | 6,380 | 6,876 | 36.5% | 7.8% | 5,245 | 6,823 | 30.1% | 6.9% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,311 | 5,500 | 25.7% | 3.6% | 4,421 | 5,435 | 22.9% | 2.3% |
| All firms (b) | 59,342 | 58,432 | 32.1% | -1.5% | 45,831 | 58,287 | 27.2% | -1.8% |
Source: Banque de France - database: Fiben. Data available early April 2024: final for February, provisional for March.
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 mean.
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 mean.
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 | Feb. 24 | Feb. 24/Feb. 23 | Feb. 24/2010-2019 | Mar 23 | Mar 24 prov. | Mar 24/Mar 23 | Mar 24/2010-2019 | |
| Size | ||||||||
| SME, among them | 59,309 | 58,376 | 32.1% | -1.6% | 45,798 | 58,231 | 27.1% | -1.8% |
| Micro-enterprises and unknown firm's size | 56,055 | 53,488 | 30.0% | -4.6% | 42,527 | 53,311 | 25.4% | -4.9% |
| Very small firms | 2,011 | 3,049 | 58.2% | 51.6% | 2,013 | 3,107 | 54.3% | 54.5% |
| Small firms | 913 | 1,366 | 59.2% | 49.6% | 942 | 1,344 | 42.7% | 47.2% |
| Medium-size firms | 330 | 473 | 64.8% | 43.3% | 316 | 469 | 48.4% | 42.1% |
| ISE - Large Firms | 33 | 56 | 80.6% | 69.7% | 33 | 56 | 69.7% | 69.7% |
| All firms | 59,342 | 58,432 | 32.1% | -1.5% | 45,831 | 58,287 | 27.2% | -1.8% |
Source: Banque de France - database: Fiben. Data available early April 2024: final for February, provisional for March.
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 mean.
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 mean.
C - Changes in corporate bankruptcies![]()
1 - Number of bankruptcies
Cumulated over previous 12 months
From Dec. 1991 to February 2024 (+ March 2024 provisional)
Cumulated over previous 12 months
From Dec. 1991 to February 2024 (+ March 2024 provisional)
Note: The orange line represents the average value of the number of corporate bankruptcies over twelve months observed monthly between March 2010 and February 2019.
2 - Change in number of bankruptcies
Annual year-on-year change
From Dec. 1991 to February 2024 (+ March 2024 provisional)
(in %)
Annual year-on-year change
From Dec. 1991 to February 2024 (+ March 2024 provisional)
(in %)
3 - Monthly number of bankruptcies
From Jan. 2020 to February 2024 (+ March 2024 provisional)
From Jan. 2020 to February 2024 (+ March 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 February 2024 (+ March 2024 provisional) (in %)
Cumulated over previous 12 months
From Dec. 2006 to February 2024 (+ March 2024 provisional) (in %)
Source: Banque de France - database: Fiben. Data available early March 2024: final for January, provisional for February
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