In the third quarter of 2024

Number of bankruptcies, insolvency, and recovery of enterprises 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 recovery of enterprises fell from 43 in the second quarter of 2024 to 37 cases in the third quarter of 2024 (-14.0%). Compared to the same quarter of the previous year (47 cases), a decline of 21.3% was observed.

In the third quarter of 2024, a total of 35 cases were closed (-23.9% compared to the third quarter of 2023), 33 (94.3%) of which ended in bankruptcy or insolvency. This number of bankruptcies/insolvencies was lower than in the previous quarter (36) and the same quarter last year (35), representing changes of -8.3% and -5.7%, 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 81.8% of the total. In fact, out of the 33 bankruptcies/insolvencies declared in this quarter, 27 were of natural persons and 6 were of legal persons.

Considering the first nine months of 2024, the number of bankruptcies/insolvencies totalled 108, reflecting a decrease of 32.9% compared to the same period in 2023.

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