Record Bankruptcies Hit Limburg Province
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Hasselt, Belgium – A surge in business failures has pushed bankruptcies in the Limburg province of Belgium to an all-time high, according to new data released today. The escalating economic pressures are particularly impacting the construction industry, while the hospitality sector demonstrates relative resilience.
Soaring Bankruptcy Figures
Data from GraydonCreditsafe reveals a significant increase in company insolvencies. Thru the first eight months of 2024, a total of 521 bankruptcy statements were filed – a 5.04% increase compared to the same period last year. This represents an increase of 25 bankruptcies over the previous year, marking the highest peak ever recorded in the province.
The concerning trend isn’t isolated to Limburg. Neighboring provinces, including Flemish Brabant and West Flanders, are also reporting record-high bankruptcy numbers, signaling broader economic challenges within the region.
Sector-Specific Impacts
The construction sector is bearing the brunt of the economic downturn, wiht 1,716 companies facing financial distress – an 8.3% increase and a grim record. Significant increases were also observed in the transport sector (+15.8%) and business services (+9.0%).
Interestingly, the wholesale sector is experiencing a notable rise in bankruptcies (+15.5%), while retail (-0.8%) and catering (-3.1%) have shown slight decreases.
Job Losses mount
international-mailorder-impact">Among the top 50 companies with the most job losses due to bankruptcy, International Mailorder Services in Kinrooi, Limburg, stands out. Graydon reports that 55 positions were eliminated at the company last month.
The continued rise in bankruptcies, particularly within the construction sector, is a worrying sign for the Limburg economy. Close monitoring of these trends is crucial.
