Business failures - France 2021Dec
Published on 12 January 2022
Corporate bankruptcies remain at a low level
- The cumulated number of corporate bankruptcies in 2021 (between January 2021 and December 2021) is 27,285. This represents a decrease of 12.7% compared to the cumulated number of bankruptcies recorded in 2020 (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, among which accommodation and food service activities (-38.0% over one year) and industry ( -13.8% over one year). The number of corporate bankruptcies thus remains low (Figure 1).
- Comparing the number of bankruptcies cumulated over one year in 2021 with respect to that in 2020, 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 in 2019, a period entirely prior to the health crisis, the decrease in the number of bankruptcies cumulated over 2021 is even stronger at -46.6%.
- Despite the phasing out of support measures, some of which hold on in the crisis exit plan, in 2021 bankruptcy figures remain lower than in 2019 and 2020 (see Figure 3). Therefore, at this stage, there is no sign of a resurgence of bankruptcies or 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) | ||||||||
| Nov. 19 | Nov. 20 | Nov. 21 | Nov. 21/Nov. 20 | Nov. 21/Nov. 19 | Dec. 21 prov. | Dec. 21/Dec. 20 | Dec. 21/Dec. 19 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,405 | 992 | 1,085 | 9.4% | -22.8% | 1,076 | 14.3% | -23.9% |
| Industry (BE) | 3,514 | 2,205 | 1,816 | -17.6% | -48.3% | 1,821 | -13.5% | -47.0% |
| Construction (FZ) | 11,174 | 6,550 | 5,921 | -9.6% | -47.0% | 6,028 | -1.7% | -45.6% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 11,147 | 7,144 | 5,839 | -18.3% | -47.6% | 5,921 | -12.8% | -46.8% |
| Transportation and storage (H) | 2,082 | 1,310 | 1,168 | -10.8% | -43.9% | 1,180 | -3.6% | -43.7% |
| Accommodation and food service activities (I) | 6,889 | 4,502 | 2,631 | -41.6% | -61.8% | 2,616 | -38.0% | -61.8% |
| Information and communication (JZ) | 1,282 | 920 | 854 | -7.2% | -33.4% | 846 | -6.2% | -33.8% |
| Financial and insurance activities (KZ) | 1,100 | 757 | 617 | -18.5% | -43.9% | 624 | -13.6% | -42.6% |
| Real estate activities (LZ) | 1,632 | 1,160 | 1,226 | 5.7% | -24.9% | 1,230 | 8.9% | -24.6% |
| Advisory & Business support activities (MN) | 5,832 | 3,973 | 3,558 | -10.4% | -39.0% | 3,650 | -4.3% | -37.2% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,208 | 3,276 | 2,527 | -22.9% | -51.5% | 2,556 | -18.4% | -50.3% |
| All firms (b) | 51,462 | 32,903 | 27,310 | -17.0% | -46.9% | 27,619 | -11.6% | -46.0% |
Source: Banque de France - database: Fiben. Data available in early January 2022: final for November, provisional for December.
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) | ||||||||
| Nov. 19 | Nov. 20 | Nov. 21 | Nov. 21/Nov. 20 | Nov. 21/Nov. 19 | Dec. 21 prov. | Dec. 21/Dec. 20 | Dec. 21/Dec. 19 | |
| Size | ||||||||
| SME, among them | 51,439 | 32,854 | 27,282 | -17.0% | -47.0% | 27,591 | -11.5% | -46.0% |
| Micro-enterprises and unknown firm's size | 49,089 | 31,029 | 25,693 | -17.2% | -47.7% | 26,001 | -11.5% | -46.7% |
| Very small firms | 1,459 | 1,088 | 987 | -9.3% | -32.4% | 999 | -5.5% | -31.0% |
| Small firms | 628 | 542 | 440 | -18.8% | -29.9% | 427 | -21.7% | -31.7% |
| Medium-size firms | 263 | 195 | 162 | -16.9% | -38.4% | 164 | -15.0% | -34.4% |
| ISE - Large Firms | 23 | 49 | 28 | -42.9% | 21.7% | 28 | -41.7% | 16.7% |
| All firms | 51,462 | 32,903 | 27,310 | -17.0% | -46.9% | 27,619 | -11.6% | -46.0% |
Source: Banque de France - database: Fiben. Data available in early January 2022: final for November, provisional for December.
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 November 2021 (+ December 2021 provisional)
Aggregate number of bankruptcies over the previous 12 months
From Dec. 1991 to November 2021 (+ December 2021 provisional)
2 - Change in bankruptcies
Year-on-year change in the 12-month aggregate
From Dec. 1991 to November 2021 (+ December 2021 provisional)(in %)
Year-on-year change in the 12-month aggregate
From Dec. 1991 to November 2021 (+ December 2021 provisional)(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to November 2021 (+ December 2021 provisional)
From Jan. 2019 to November 2021 (+ December 2021 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 November 2021 (+ December 2021 provisional)
(in %)
Aggregate over the previous 12 months
From Dec. 2006 to November 2021 (+ December 2021 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early January 2022: final for November, provisional for December.
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