This year will set a record for insolvencies
Globally, the number of insolvent companies will increase by 10 percent this year, and in Poland – by 12 percent.
Insolvent companies globally will increase for the first time since 2019. – predicts Allianz Trade, an insurer of receivables. There are many reasons for this. These include the war in Ukraine, lockdowns in China causing disruptions in supply chains and bottlenecks in transportation. Energy, commodity and labor shortages and rising financing costs are also a problem.
In Poland, the number of insolvencies may increase by 12 percent this year to 2,450, while next year the increase may reach 8 percent.
In the first quarter of this year as many as two thirds of restructurings were simplified proceedings. They were conducted mainly by small and medium-sized family businesses. As far as industries are concerned, construction companies are currently facing considerable problems.
Allianz Trade experts also point out that Poland has not recorded a decline in the number of bankruptcies in 2020, contrary to most countries. This is because we have not suspended obligations and procedures related to reporting insolvency. Restructuring proceedings have been deformalized and simplified. The idea was to allow companies to solve their problems at the earliest possible stage, even without court involvement.