Denmark: Record bankruptcy filings in November

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In total, 331 business bankruptcy filings were filed in November, the most in one month since 2009

The number of businesses that filed for bankruptcy last month in Denmark set a record low, according to a report published today by SMVdanmark. In total, 331 business bankruptcy filings were filed in November, the most in one month since 2009.

SVVdanmark, which represents 18,000 small and medium-sized enterprises in Denmark, explains that since the summer “businesses have been hit hard by high inflation, inflated energy bills and fears about the path of the economy which have dramatically reduced consumers’ desire to shop.” .

Many businesses are struggling to survive due to high energy costs and the impact of the Covid-19 pandemic, the report highlights.

“Never in the annals of statistics have we recorded so many bankruptcies of companies employing employees,” points out Lasse Lundqvist, a consultant at SMVdanmark.

The hardest hit has been the construction sector and retail trade. More than half of the bankruptcy filings involved construction companies.

Lundqvist predicts that “unfortunately, we will see even more business failures in the coming months.”

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