Business failures - France 2022Oct
Published on the 16th of November 2022
By the end of October, the normalization of the number of corporate bankruptcies continues, but bankruptcies remain one fourth below their level before COVID
- The number of corporate bankruptcies has been increasing since the Fall 2021 (see Figure 2). Over one year (between November 2021 and October 2022), it reaches 38,525 (see Figure 1, as well as Tables A and B).
- This increase corresponds to a gradual normalization of the number of corporate bankruptcies. 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.
- Corporate bankruptcies remain, however, one fourth below their level before COVID: their cumulative number by the end of October 2022 is 24.7% lower than in 2019 (51,145 corporate bankruptcies took place during the year 2019).
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) | ||||||||
| 2019 | Sep. 21 | Sep. 22 | Sep. 22/Sep. 21 | Sep. 22/2019 | Oct. 22 prov. | Oct. 22/Oct. 21 | Oct. 22/2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,414 | 1,093 | 1,087 | -0.5% | -23.1% | 1,099 | 1.9% | -22.3% |
| Industry (BE) | 3,435 | 1,808 | 2,636 | 45.8% | -23.3% | 2,762 | 54.0% | -19.6% |
| Construction (FZ) | 11,089 | 5,830 | 7,655 | 31.3% | -31.0% | 7,857 | 34.5% | -29.1% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 11,135 | 5,827 | 8,306 | 42.5% | -25.4% | 8,621 | 48.8% | -22.6% |
| Transportation and storage (H) | 2,097 | 1,149 | 1,618 | 40.8% | -22.8% | 1,673 | 44.7% | -20.2% |
| Accommodation and food service activities (I) | 6,840 | 2,788 | 4,564 | 63.7% | -33.3% | 4,840 | 82.8% | -29.2% |
| Information and communication (JZ) | 1,277 | 864 | 1,081 | 25.1% | -15.3% | 1,120 | 30.5% | -12.3% |
| Financial and insurance activities (KZ) | 1,087 | 642 | 870 | 35.5% | -20.0% | 902 | 43.2% | -17.0% |
| Real estate activities (LZ) | 1,631 | 1,244 | 1,260 | 1.3% | -22.7% | 1,279 | 4.2% | -21.6% |
| Advisory & Business support activities (MN) | 5,813 | 3,578 | 4,533 | 26.7% | -22.0% | 4,630 | 30.2% | -20.4% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,140 | 2,613 | 3,604 | 37.9% | -29.9% | 3,661 | 41.0% | -28.8% |
| All firms (b) | 51,145 | 27,506 | 37,296 | 35.6% | -27.1% | 38,525 | 41.4% | -24.7% |
Source: Banque de France - database: Fiben. Data available in early November 2022: final for September, provisional for October.
Calculation : Banque de France - Companies Directorate - Companies Observatory
a Aggregate number of corporate bankruptcies over the previous 12 months compared to the same aggregate one year before and in 2019 (January 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
a Aggregate number of corporate bankruptcies over the previous 12 months compared to the same aggregate one year before and in 2019 (January 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) | ||||||||
| 2019 | Sep. 21 | Sep. 22 | Sep. 22/Sep. 21 | Aug. 22/2019 | Oct. 22 prov. | Oct. 22/Oct. 21 | Oct. 22/2019 | |
| Size | ||||||||
| SME, among them | 51,119 | 27,482 | 37,264 | 35.6% | -27.1% | 38,495 | 41.4% | -24.7% |
| Micro-enterprises and unknown firm's size | 48,692 | 25,966 | 34,841 | 34.2% | -28.4% | 35,937 | 39.8% | -26.2% |
| Very small firms | 1,513 | 941 | 1,526 | 62.2% | 0.9% | 1,611 | 68.2% | 6.5% |
| Small firms | 664 | 412 | 678 | 64.6% | 2.1% | 716 | 75.5% | 7.8% |
| Medium-size firms | 250 | 163 | 219 | 34.4% | -12.4% | 231 | 44.4% | -7.6% |
| ISE - Large Firms | 26 | 24 | 32 | 33.3% | 23.1% | 30 | 42.9% | 15.4% |
| All firms | 51,145 | 27,506 | 37,296 | 35.6% | -27.1% | 38,525 | 41.4% | -24.7% |
Source: Banque de France - database: Fiben. Data available in early November 2022: final for September, provisional for October.
Calculation : Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over the previous 12 months compared to the same aggregate one year before and in 2019 (January to December 2019).
Calculation : Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over the previous 12 months compared to the same aggregate one year before and in 2019 (January to December 2019).
C - Changes in corporate bankruptcies![]()
1 - Number of bankruptcies
Cumulated over previous 12 months
From Dec. 1991 to September 2022 (+ October 2022 provisional)
Cumulated over previous 12 months
From Dec. 1991 to September 2022 (+ October 2022 provisional)
2 - Change in number of bankruptcies
Annual year-on-year change
From Dec. 1991 to September 2022 (+ October 2022 provisional)
(in %)
Annual year-on-year change
From Dec. 1991 to September 2022 (+ October 2022 provisional)
(in %)
3 - Monthly number of bankruptcies
From Jan. 2019 to September 2022 (+ October 2022 provisional)
From Jan. 2019 to September 2022 (+ October 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 September 2022 (+ October 2022 provisional)
(in %)
Cumulated over previous 12 months
From Dec. 2006 to September 2022 (+ October 2022 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early November 2022: final for September, provisional for October.
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Updated on the 15th of November 2022