Across the closing months of the year, bankruptcies rose by 14.17 percent, reaching 3,618 cases. This level surpasses even pre-pandemic figures from 2019, when 3,383 cases were recorded. Analysts anticipate a further uptick in 2023, though the rise is not uniform across all autonomous communities. The Bankruptcy Atlas, published by the General Assembly of Economists, shows that four autonomous regions account for roughly three out of every four Spanish bankruptcy cases.
In 2021, nearly 74 percent of bankruptcy proceedings were concentrated in Catalonia, the Community of Madrid, the Community of Valencia, and Andalusia. Totals show 5,234 proceedings out of 7,062 events registered on Spanish soil. Catalonia recorded the highest load with 2,446 cases, up sharply from 2020’s 1,253. The Community of Madrid followed, albeit far behind, with 1,259 proceedings in 2021 compared with 859 the previous year.
Across 2021, every autonomous community saw more competitions, yet activity tended to cluster in a handful of regions. The threshold of 250 proceedings was exceeded only by the four top communities plus the Basque Country’s creditors. By contrast, Ceuta and Melilla recorded the fewest bankruptcies (3), with La Rioja (17), Cantabria (43), Extremadura (44) and Navarra (53) trailing behind.
When broken down by provinces, the trend remains consistent. Barcelona led the nation in bankruptcies in 2021 with 2,216 cases, followed by Madrid with 1,259. Valencia registered 506, Alicante 304, and Seville 215. Once again, the two largest cities dominated last year’s proceedings. On the other end, Ceuta and Melilla reported just 3 cases, followed by Segovia and Zamora (7), Ávila and Soria (8).
global bankruptcy patterns in 2022 and beyond
In 2022, the United Kingdom registered the highest uptick in bankruptcies among major economies, climbing by about 37 percent before forecasts suggest a cooler pace of roughly 4 percent in 2023. The UK stands out as the only large European economy with a positive projection for the coming year, while other nations are expected to face renewed pressure from inflation and energy costs. The Netherlands anticipates a 24 percent rise in 2022 and about a 39 percent jump in 2023, underscoring how even prosperous markets can experience volatility in corporate distress.
France and Germany are also tracking a negative arc. France could see around an 15 percent increase in 2022, with roughly 33 percent more projected in 2023, while Germany is looking at a roughly 4 percent rise in 2022 and about 10 percent in 2023. Spain sits in the middle of the pack for both years, with commercial bankruptcies forecast to grow by about 8 percent in 2022 and 13 percent in 2023.
Across the Atlantic, the United States faces a less favorable outlook relative to China. U.S. forecasts point to increases of around 8 percent in 2022 and about 23 percent in 2023, as firms work through buffers built during the Paycheck Protection Program and subsequent recovery efforts. By contrast, China appears able to maintain a more controlled path, with projections of roughly 1 percent growth in 2022 and around 11 percent in 2023, supported by ongoing trade dynamics and policy support.
These patterns highlight a broad divergence in how economies handle corporate distress, with regional disparities within larger economies shaping local bankruptcy dynamics and supplier-credit cycles. The comparative outlook suggests that while some markets experience sustained pressure, others anticipate stabilization or gradual improvement through structural adjustments and policy responses. (attribution: General Assembly of Economists, Bankruptcy Atlas)
Related news