According to the latest report published by Creditreform, 2024 saw a significant rise in business bankruptcies in Luxembourg, with an increase of 26.38% compared to 2023. A total of 1,193 insolvencies were recorded, up from 944 in the previous year.
The services sector was the most affected, with 693 bankruptcies (+40% compared to 2023), followed by the construction sector, which registered 197 insolvencies (+27.10%). The Horeca sector also experienced a slight increase in insolvencies, around 5%.
Companies operating for more than five years were particularly vulnerable, showing a 53% rise in bankruptcies compared to 2023. In contrast, younger companies demonstrated greater resilience, recording an 11.66% decrease in insolvencies.
Despite some signs of recovery in the construction sector during the third quarter of 2024, Creditreform forecasts that challenges will persist in 2025, particularly in the services and construction industries.
