In the first quarter of 2024

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-on-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 47 in the fourth quarter of 2023 to 41 cases in the first quarter of 2024 (-12.8%). Compared to the same quarter last year (66 cases), there was a decrease of 37.9%.

In the first quarter of 2024, there were 42 closed cases (-40.8% compared to the first quarter of 2023), 39 (92.9%) of which ended in bankruptcy or insolvency. This number of bankruptcies/insolvencies was lower than in the previous quarter (45) and the same quarter last year (68), representing changes of -13.3% and -42.6%, respectively.

Regarding the type of persons involved in the declared bankruptcies/insolvencies, the proportion of natural persons in the total number of cases exceeded that of legal persons, representing 74.4% of the total. In fact, out of the 39 bankruptcies/insolvencies declared in this quarter, 29 were of natural persons and 10 were of legal persons.

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