In November 2023, 341 companies in the Netherlands declared bankruptcy, 19 more than in October, according to figures from Statistics Netherlands (CBS). So far this year, 3,851 companies have gone bankrupt, exceeding last year's total of 3,272 with one month still remaining. This represents approximately a one-third increase in bankruptcies compared to the same period last year.
The number of bankruptcies has been fluctuating around 350 per month, higher than the average of around 270 per month in 2022. The trade and construction sectors have been particularly affected, with 66 companies in trade and 63 construction companies going bankrupt in November.
Several factors contribute to the rise in bankruptcies, including deferred tax debts accumulated during the COVID-19 pandemic. While businesses were allowed to postpone tax payments during the pandemic, the tax authorities began reclaiming these debts at the end of 2022. Additionally, rising wages, increased costs of raw materials, and high interest rates affecting the cost of new loans are impacting businesses.
Source: NOS News - "Already More Bankruptcies Than All of Last Year, Especially in Trade and Construction"