In the 2nd quarter of 2023
The number of incoming cases of bankruptcy, insolvency, and recovery of companies in the 1st instance courts of Madeira remained stable compared to the year-ago and previous quarters but decreased compared to the same quarter in 2019
In the 2nd quarter of 2023, according to information provided by the Directorate-General for Justice Policy (DGPJ), there were a total of 66 cases filed in the Madeira District related to bankruptcy, insolvency, and company recovery processes. When compared to the previous quarter (66 cases) and the same quarter in the previous year (65 cases) shows no change in the former and only a slight difference in the latter. However, compared to the same quarter in 2019 (85 cases), there was a decrease of 22.4%.
During the 2nd quarter of 2023, there were 63 closed cases, representing a 16.0% decrease compared to the 2nd quarter of 2022. Of these, 58 (92.1%) ended in bankruptcy or declared insolvency. This number of bankruptcies/insolvencies was lower than in the previous quarter (68 cases) and the same quarter in the previous year (72 cases), with reductions of 14.7% and 19.4%, respectively. There was also a 4.9% reduction compared to the 2nd quarter of 2019.
Regarding the type of persons involved in bankruptcies/insolvencies, the proportion of persons exceeded that of legal entities, accounting for 75.9% of the total. Out of the 58 bankruptcies/insolvencies declared in this quarter, 44 were related to natural persons, and 14 were related to legal persons.
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