In the second quarter of 2024

Number of bankruptcies, insolvency, and recovery of enterprises in the 1^st instance courts of the District of Madeira had a quarterly increase and a year-on-year decrease

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 increased from 41 in the first quarter of 2024 to 43 cases in the second quarter of 2024 (+4.9%). However, compared to the same quarter last year (66 cases), there was a decrease of 34.8%.

In the second quarter of 2024, a total of 40 cases were closed (-36.5% compared to the second quarter of 2023), 36 (90.0%) of which ended in bankruptcy or insolvency. This number of bankruptcies/insolvencies was lower than in the previous quarter (39) and the same quarter last year (58), representing changes of -7.7% and -37.9%, 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 88.9% of the total. In fact, out of the 36 bankruptcies/insolvencies declared in this quarter, 32 were of natural persons and 4 were of legal persons.

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