Insolvencies in Portugal decrease 19% until the third quarter of 2017

Lisbon, November 13, 2017 - The number of insolvent companies in Portugal was 2,260 until the third quarter of 2017, a 19% decrease in comparison with the same period in 2016, indicates the analysis of COSEC, the leading insurer in the credit and bond insurance industry, in its COSEC Dinâmica Empresarial study.

The study also concludes that Special Revitalization Process (Processo Especial de Revitalização [PER]) applications decreased by 58% in the third quarter (256 in total, vs. 603 in the third quarter of 2016), a trend that should be related to Decree-Law No. 79/2017, of June 30, which amended the Commercial Companies Code and the Insolvency and Business Reorganization Code (1).

According to COSEC, the closure of these companies by the third quarter of 2017 is equivalent to a loss of more than 12,900 jobs and a turnover of more than €1.2 billion, according to the latest accounting information available.