The number of bankruptcies in the Netherlands is expected to rise by 52 percent this year. That is the conclusion of credit insurer Allianz Trade after research. This makes the Netherlands a global leader. On average, 21 percent more companies worldwide are expected to go bankrupt this year.
Allianz attributes the strong growth in the Netherlands to the generous financial corona support from the government that must now be repaid. Many SMEs have to pay corona debts and back taxes. The tax authorities have sent tens of thousands of companies a final reminder. A large proportion of those companies cannot meet this requirement and will go bankrupt,’ according to experts at the credit insurer.
In 2021, the number of bankruptcies in the Netherlands decreased by 43 percent. The number of bankruptcies was also limited last year. In absolute numbers, Allianz expects 3,270 companies to fail this year. Next year there are expected to be 3530. That is close to the average number of bankruptcies before the corona pandemic.
Allianz mapped the bankruptcy figures of 44 countries. The global acceleration in bankruptcies is related to the economic slowdown and tighter credit conditions.
The credit insurer also warns of large groups that could collapse. Our research shows that the number of bankruptcies of companies with a turnover of more than 50 million euros is already above the level before the pandemic. Those big companies usually drag a whole bunch of small companies down with them.’