IC: 172 corporate bankruptcies in Q3 22; numbers to rise

(CIANEWS) - There were 4,552 insolvency filings in Q3 2022 (-23% q/q). This represents the lowest number since the onset of the pandemic. The number of allowed insolvencies fell by 26% to 4,101. The amount of corporate bankruptcies increased by 1% to 172. Preliminary data from InsolCentrum (IC) also show that 34 personal bankruptcies (-21%) and 27 sole trader bankruptcies (-25%) were declared. The reduction in the number of these insolvencies is due to the fact that they are mostly resolved in debt relief. CEO Jarmila Veselá commented that the low number of insolvencies is a harbinger of dramatic changes. In her opinion, the number of corporate bankruptcies is likely to increase gradually, with peaks in 2024 and 2025. If the amendment to the Insolvency Act is adopted and the period of debt relief is shortened across the board, there may be a record increase in personal bankruptcies.



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