Business failures - France 2023Feb
Published on the 15th of March 2023
At the end of February, the number of corporate bankruptcies increased but remained at a significantly lower level than in the pre-COVID period
- The rise in the number of corporate bankruptcies initiated in fall 2021 continues. Over one year (between March 2022 and February 2023), it reaches 43,886 against 29,124 a year earlier (see Figure 1, as well as Tables A and B).
- This upward trend is common to all sectors of the economy (see Figure 2) and more pronounced for SMEs (excluding microenterprises and indeterminate sizes) and the largest enterprises (see Table B).
- The number of annual corporate bankruptcies nevertheless remains significantly lower than the average level recorded over the 2010-2019 period, prior to the COVID-19 pandemic (59,342 corporate bankruptcies, see Figure 1). 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.
- In an instantaneous view, the number of monthly bankruptcies also remains lower in February 2023 than in February 2019 (see chart 3).
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 | Jan. 23 | Jan. 23/Jan. 22 | Jan. 23/2019 | Feb. 22 | Feb. 23 prov. | Feb. 23/Feb. 22 | Feb. 23/2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,414 | 1,210 | 13.5% | -14.4% | 1,086 | 1,173 | 8.0% | -17.0% |
| Industry (BE) | 3,435 | 3,178 | 71.0% | -7.5% | 1,954 | 3,293 | 68.5% | -4.1% |
| Construction (FZ) | 11,089 | 8,685 | 42.3% | -21.7% | 6,320 | 8,863 | 40.2% | -20.1% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 11,137 | 9,494 | 55.9% | -14.8% | 6,265 | 9,715 | 55.1% | -12.8% |
| Transportation and storage (H) | 2,097 | 1,792 | 46.8% | -14.5% | 1,255 | 1,828 | 45.7% | -12.8% |
| Accommodation and food service activities (I) | 6,840 | 5,708 | 108.7% | -16.5% | 2,941 | 5,919 | 101.3% | -13.5% |
| Information and communication (JZ) | 1,277 | 1,230 | 40.9% | -3.7% | 877 | 1,292 | 47.3% | 1.2% |
| Financial and insurance activities (KZ) | 1,086 | 1,003 | 55.3% | -7.6% | 670 | 1,013 | 51.2% | -6.7% |
| Real estate activities (LZ) | 1,631 | 1,398 | 13.8% | -14.3% | 1,241 | 1,402 | 13.0% | -14.0% |
| Advisory & Business support activities (MN) | 5,813 | 4,938 | 34.0% | -15.1% | 3,775 | 5,022 | 33.0% | -13.6% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,140 | 4,231 | 64.7% | -17.7% | 2,678 | 4,281 | 59.9% | -16.7% |
| All firms (b) | 51,145 | 42,948 | 52.6% | -16.0% | 29,124 | 43,886 | 50.7% | -14.2% |
Source: Banque de France - database: Fiben. Data available in early March 2023: final for January, provisional for February.
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 | Jan. 23 | Jan. 23/Jan. 22 | Jan. 23/2019 | Feb. 22 | Feb. 23 prov. | Feb. 23/Feb. 22 | Feb. 23/2019 | |
| Size | ||||||||
| SME, among them | 51,119 | 42,914 | 52.6% | -16.1% | 29,103 | 43,848 | 50.7% | -14.2% |
| Micro-enterprises and unknown firm's size | 48,747 | 39,838 | 50.2% | -18.3% | 27,427 | 40,644 | 48.2% | -16.6% |
| Very small firms | 1,478 | 1,903 | 93.0% | 28.8% | 1,037 | 2,013 | 94.1% | 36.2% |
| Small firms | 650 | 885 | 96.2% | 36.2% | 480 | 901 | 87.7% | 38.6% |
| Medium-size firms | 244 | 288 | 82.3% | 18.0% | 159 | 290 | 82.4% | 18.9% |
| ISE - Large Firms | 26 | 34 | 41.7% | 30.8% | 21 | 38 | 81.0% | 46.2% |
| All firms | 51,145 | 42,948 | 52.6% | -16.0% | 29,124 | 43,886 | 50.7% | -14.2% |
Source: Banque de France - database: Fiben. Data available in early March 2023: final for January, provisional for February.
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 January 2023 (+ February 2023 provisional)
Cumulated over previous 12 months
From Dec. 1991 to January 2023 (+ February 2023 provisional)
Note: The dotted green curve represents the average value of the number of corporate bankruptcies over twelve months observed monthly between December 1991 and December 2019. The orange curve represents this average level over the period January 2010 - December 2019, which is a high for the observation period.
2 - Number of bankruptcies by sector
Cumulated over previous 12 months
From Dec. 2015 to January 2023 (+ February 2023 provisional)
Cumulated over previous 12 months
From Dec. 2015 to January 2023 (+ February 2023 provisional)
3 - Monthly number of bankruptcies
From Jan. 2019 to January 2023 (+ February 2023 provisional)
From Jan. 2019 to January 2023 (+ February 2023 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 2023 (+ February 2023 provisional)
(in %)
Cumulated over previous 12 months
From Dec. 2006 to January 2023 (+ February 2023 provisional)
(in %)
Source: Banque de France - database: Fiben. Data available in early March 2023 final for January, provisional for February.
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Updated on the 14th of March 2023