Belgium’s record year of bankruptcies

3 February 2005

BRUSSELS – The latest figures for business failures in Belgium show bankruptcy rising at a record rate.

Last year, Wallonia was particularly badly hit with 2,315 businesses going under, a rise of 6.3 percent compared to 2003.

In the region, it was Luxembourg that was the worst affected – its number of failed businesses soared by 18 percent.

Brabant Wallon suffered 11 percent more failures, 9 percent more were recorded in Liege and 7 percent more in Hinaut.

Namur, however, bucked the trend, recording 12 percent fewer failures than in 2003.

Many businesses went under in the hotel, restaurant and catering industry.

Wallonia’s economic minister Jean-Claude Marcourt stressed that “this rise in failures is linked to a considerable rise in the creation of businesses”.

Marcourt also believes that last month there was a fall in the number of failures in Wallonia.

“There is above all, a marked fall in the number of people looking for work,” he said.

Subject: Belgian news