Corona, war, shortages and rising prices: big increase in bankruptcies expected

Hundreds of thousands of entrepreneurs are in financial trouble, says the Chamber of Commerce in the Netherlands, based on its own research. It is expected that the number of bankruptcies will increase considerably.

For 10 percent of those surveyed, things are really bad, says the Dutch Chamber of Commerce. “They are surviving, some are almost bankrupt,” said Ron Sinnige, spokesman for the Chamber of Commerce in the NOS Radio 1 News.

The combination of two years of the corona crisis and then the war in Ukraine, with raw material shortages and rising energy prices, lead to these concerns, according to the Chamber of Commerce.

More phone calls
The Chamber of Commerce sees an increase in the number of entrepreneurs with questions about bankruptcy. “They ask: imagine that I am faced with bankruptcy, what should I think of?” This is happening more often now than before. “For us, that clearly indicates that many entrepreneurs are also occupied with that question.”

Historically low number of bankruptcies
Very few companies have gone bankrupt since the start of the corona crisis. The economic aid package for companies was discontinued at the beginning of April, partly to prevent companies that are no longer healthy from being kept afloat for too long. The fact that the support package is no longer available is one of the reasons why the Chamber of Commerce expects that the number of bankruptcies will now increase.

“You can never predict exactly how many bankruptcies are coming, but we expect some kind of correction to the low number from the corona period,” says Sinnige.

According to the government, although bankruptcies are painful for those involved, they are necessary for a healthy economic dynamic. Because some companies stop or go bankrupt, for instance, employees end up in places where they are more needed.

Earlier, both the CPB Netherlands Bureau for Economic Policy Analysis and the DNB Central Bank of the Netherlands advised to stop the support package for this and other reasons.

The Chamber of Commerce advises entrepreneurs to look at their own situation in time, to take stock and to stop in time, while you still have a bit of control.

Decline in the fashion sector
Credit insurer Allianz Trade is warning of a slump in the entire European fashion sector. War and inflation have undermined consumer confidence, threatening to reduce fashion spending in the EU by EUR 4.85 billion. For many fashion retailers, the crisis threatens to be too much. Last year, they were still artificially kept alive by the support package. Now they are faced with rising costs, while the consumer thinks mainly about saving money.

Sources: en
Photo: Shutterstock

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