Allianz attributes the strong growth in the Netherlands to the government’s generous financial support from the crown which now has to be repaid. Many SMEs have to pay off crown debts and back taxes. The taxman has sent tens of thousands of companies a last reminder. Most of these companies cannot meet this requirement and will fail,’ according to credit insurer experts.
In 2021, the number of bankruptcies in the Netherlands decreased by 43%. The number of bankruptcies was also limited last year. In absolute numbers, Allianz expects 3,270 companies to fail this year. Next year it should be 3530. This is close to the average number of bankruptcies before the corona pandemic.
Allianz has mapped bankruptcy data from 44 countries. The global acceleration of bankruptcies is related to the economic slowdown and tighter credit conditions.
The credit insurer also warns of large groups that could collapse. Our research shows that the number of bankruptcies of companies with a turnover of more than 50 million euros is already above pre-pandemic levels. Those big companies usually drag a whole bunch of small companies along with them.’