Business failures - France 2022Feb
Published on 16 March 2022
Corporate bankruptcies over one year slightly increase but remain low
- By the end of February 2022, the number of corporate bankruptcies over one year (between March 2021 and February 2022) is 28,765. This represents a slight increase of 2.0% compared to the cumulative number of bankruptcies recorded between March 2020 and February 2021 (see Tables A and B, as well as Figure 2).
- Overall, the number of corporate bankruptcies remains low (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 much lower than in 2019 and 2020 (see Figure 3). At this stage, there are no signs of a wave of insolvencies in the future.
- The increase concerns several sectors and especially transportation (+16.1%), construction (+14.8%), and agriculture (+9.8%). Bankruptcies are though decreasing in a few sectors, in particular accommodation and food service activities (-19.3%) and education, health, social work and other services (-10.3) (see Table A). Overall, the number of corporate bankruptcies remains low (see Figure 1).
- Comparing the number of bankruptcies cumulated over one year by the end of February 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 February 2020, a period prior to the health crisis, the decrease in the number of bankruptcies cumulated by the end of February 2022 is still very large at -41.4%.
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) | ||||||||
| Jan. 20 | Jan. 21 | Jan. 22 | Jan. 22/Jan. 21 | Jan. 22/Jan. 20 | Feb. 22 prov. | Feb. 22/Feb. 21 | Feb. 22/Feb. 20 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,367 | 948 | 1,056 | 11.4% | -22.8% | 1,045 | 9.8% | -20.7% |
| Industry (BE) | 3,354 | 2,003 | 1,852 | -7.5% | -44.8% | 1,937 | 4.3% | -41.0% |
| Construction (FZ) | 10,823 | 5,797 | 6,048 | 4.3% | -44.1% | 6,245 | 14.8% | -41.6% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 10,864 | 6,447 | 6,059 | -6.0% | -44.2% | 6,208 | 2.8% | -42.4% |
| Transportation and storage (H) | 2,079 | 1,145 | 1,214 | 6.0% | -41.6% | 1,242 | 16.1% | -39.4% |
| Accommodation and food service activities (I) | 6,625 | 3,966 | 2,733 | -31.1% | -58.7% | 2,921 | -19.3% | -55.3% |
| Information and communication (JZ) | 1,277 | 854 | 874 | 2.3% | -31.6% | 873 | 7.4% | -32.6% |
| Financial and insurance activities (KZ) | 1,047 | 716 | 645 | -9.9% | -38.4% | 667 | -3.2% | -35.6% |
| Real estate activities (LZ) | 1,572 | 1,140 | 1,224 | 7.4% | -22.1% | 1,200 | 3.8% | -21.6% |
| Advisory & Business support activities (MN) | 5,714 | 3,702 | 3,666 | -1.0% | -35.8% | 3,731 | 5.0% | -34.0% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 4,933 | 3,066 | 2,558 | -16.6% | -48.1% | 2,633 | -10.3% | -44.3% |
| All firms (b) | 49,844 | 29,880 | 27,997 | -6.3% | -43.8% | 28,765 | 2.0% | -41.4% |
Source: Banque de France - database: Fiben. Data available in early March 2022: final for January, provisional for February.
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) | ||||||||
| Jan. 20 | Jan. 21 | Jan. 22 | Jan. 22/Jan. 21 | Jan. 22/Jan. 20 | Feb. 22 prov. | Feb. 22/Feb. 21 | Feb. 22/Feb. 20 | |
| Size | ||||||||
| SME, among them | 49,819 | 29,833 | 27,969 | -6.2% | -43.9% | 28,741 | 2.1% | -41.4% |
| Micro-enterprises and unknown firm's size | 47,532 | 28,131 | 26,355 | -6.3% | -44.6% | 27,079 | 2.0% | -42.1% |
| Very small firms | 1,427 | 987 | 1,021 | 3.4% | -28.5% | 1,066 | 14.7% | -26.1% |
| Small firms | 616 | 520 | 442 | -15.0% | -28.2% | 450 | -5.9% | -31.3% |
| Medium-size firms | 244 | 195 | 151 | -22.6% | -38.1% | 146 | -27.4% | -40.4% |
| ISE - Large Firms | 25 | 47 | 28 | -40.4% | 12.0% | 24 | -52.9% | 4.3% |
| All firms | 49,844 | 29,880 | 27,997 | -6.3% | -43.8% | 28,765 | 2.0% | -41.4% |
Source: Banque de France - database: Fiben. Data available in early March 2022: final for January, provisional for February.
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 January 2022 (+ February 2022 provisional)
Aggregate number of bankruptcies over the previous 12 months
From Dec. 1991 to January 2022 (+ February 2022 provisional)
2 - Change in bankruptcies
Year-on-year change in the 12-month aggregate
From Dec. 1991 to January 2022 (+ February 2022 provisional)(in %)
Year-on-year change in the 12-month aggregate
From Dec. 1991 to January 2022 (+ February 2022 provisional)(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to January 2022 (+ February 2022 provisional)
From Jan. 2019 to January 2022 (+ February 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 January 2022 (+ February 2022 provisional)
(in %)
Cumulated over previous 12 months
From Dec. 2006 to January 2022 (+ February 2022 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early March 2022: final for January, provisional for February.
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