November saw a clear increase in the number of bankruptcies. 820 companies closed down, making the month top this year's statistics. The increase compared to last year is mainly due to more bankruptcies in construction and a significant jump in the finance and insurance sectors. At the same time, the development is geographically uneven, with Region Zealand standing out negatively this month.
Region Zealand has the strongest increase in November. The number of bankruptcies has risen significantly compared to last year, while Central Jutland is going against the trend with a clear decline. The capital continues to have a high number of bankruptcies, but the increase is more moderate.
- We see a significant movement in bankruptcy numbers in certain sectors and regions, where it is clear that certain industries are much more vulnerable in the current economic climate, says Morten Kofoed-Larsen, country manager at Creditsafe Denmark.
Construction and finance account for the increase
The construction industry is higher than last year. It points to a market where especially smaller companies find it difficult to make projects viable when financing is more expensive and tasks are postponed.
The biggest movement is seen in finance and insurance, where bankruptcies almost doubled in November. It is an unusual development that significantly raises the overall statistics.
Wholesale and retail trade also contribute to the progress, but only to a limited extent. The level remains high, but without the same leap as in construction and finance.
