In the third quarter of 2023

Number of incoming cases of bankruptcy, insolvency, and company recovery proceedings registered in the first instance courts of the Madeira District decreased both quarterly and year-over-year

According to information provided by the Directorate-General for Justice Policy (DGPJ), the number of incoming cases filed in the Madeira District related to bankruptcy, insolvency, and company recovery decreased from 66 in the second quarter of 2023 to 47 cases in the third quarter of 2023 (-28.8%). Compared to the same quarter last year (51 cases), there was a decrease of 7.8%. Compared to the same quarter in 2019, there was a decrease of 36.5%.

In the third quarter of 2023, there were 46 closed cases declared (-6.1% compared to the third quarter of 2022), 35 (76.1%) of which ended in bankruptcy or insolvency. This number of bankruptcies/insolvencies was lower than in the previous quarter (58) and the same quarter last year (46), representing changes of -39.7% and -23.9%, respectively. Compared to the third quarter of 2019, there was also a reduction of -39.7%.

Regarding the type of persons involved in the declared bankruptcies/insolvencies, the proportion of persons in the total number of cases exceeded that of legal entities, representing 65.7% of the total, as out of the 35 bankruptcies/insolvencies declared in this quarter, 23 were of natural persons and 12 were of legal entities.

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