930 Luxembourg bankruptcies in 2011
(CS) Some 930 businesses declared bankruptcy in Luxembourg, marking a rise of over 30% since 2009, making 2011 a record year.
One of the biggest companies to go out of business was construction firm Socimmo, leading to 470 job losses. Another construction company, Pedinotti, also declared bankruptcy in June last year, showing the increasing pressure the industry is under.
Despite these bigger losses, most companies affected were smaller businesses with only one to five employees.
In 2010 registered bankruptcies were slightly lower at 618. The bigger jump was registered between 2009 and 2010, with a rise of 31.52% in bankruptcies.
This year already, four companies registered for bankruptcy with the commercial court in the capital.