In the 1st quarter of 2023
Incoming cases in the 1st instance courts of Madeira related to bankruptcy, insolvency and recovery of companies increased quarterly and year-on-year, but dropped vis-à-vis to the same quarter of 2019
According to the information provided by the Directorate-General for Justice Policy (DGPJ), the number incoming cases of bankruptcy, insolvency, and company recovery cases in the District of Madeira increased by 20.0%, i.e.from 55 in the 4th quarter of 2022 to 66 cases in the 1st quarter of 2023. Compared to the previous quarter (64 cases), there was an increase of 3.1%, but there was a drop of 15.4% vis-à-vis the same quarter of 2019.
In the 1st quarter of 2023, there were 71 closed cases, of which 68 (95.8%) ended in bankruptcy or insolvency. This marks an increase in the number of bankruptcy/insolvencies over the previous quarter (49) and over the same quarter of the last year (52), corresponding to increases of +38.8% and +30.8%. However, there was a decrease of 9.3% compared to the 1st quarter of 2019.
Regarding the type of legal person involved in the bankruptcies/insolvencies, natural persons accounted for a larger share (73.5%) than legal persons. Specifically, of the 68 decreed bankruptcies/insolvencies in this quarter, 50 involved natural persons and 18 involved legal persons. This result aligns with the usual trend, with the exception of the 2nd quarter of 2020, when the number of bankruptcies/insolvencies decreed for legal persons exceeded that of natural persons.
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