01-02-2023 - In the 3rd quarter of 2022, the number of opened cases in the 1st instance courts of the District of Madeira related to bankruptcy, insolvency and recovery of enterprises had a quarterly decrease and a year-on-year increase

In the 3^rd quarter of 2022

Number of opened cases in the 1^stinstance courts of the District of Madeira related to bankruptcy, insolvency and recovery of enterprises had a quarterly decrease and a year-on-year increase

According to the information provided by the Directorate-General for Justice Policy (DGPJ), the number of opened cases in the District of Madeira related to bankruptcy, insolvency, and company recovery proceedings went down from 65 in the 2^nd quarter of 2022 to 51 cases in the 3^rd quarter of 2022 (-21.5%). Compared to the same quarter of last year (41 cases), there was an increase of 24.4%. It should be noted that the quarterly change is related to the fact that the 3^rd quarter is usually the quarter with the lowest number of cases of this nature, as it partially coincides with the judicial vacations.

In the 3^rd quarter of 2022, 49 closed cases were counted, 46 (93.9%) of which ended in bankruptcy or insolvency. The number of bankruptcy/insolvencies decreased from the previous quarter (72) but increased when compared to the same quarter of the last year (38).

Regarding the type of legal person involved in the bankruptcies/insolvencies, the share of natural persons (89.1%) was higher than the share of legal persons. In fact, of the 46 decreed bankruptcies/insolvencies in this quarter, 41 were natural persons and 5 of legal persons. This result is in line with the usual trend, with an exception only in the 2^nd quarter of 2020, with the number of bankruptcies/insolvencies decreed for legal persons exceeding that of natural persons.