Tue, Apr 9th 2024
For the first time in years, Switzerland sees a rise in bankruptcies, financial fallout shows signs of containment.
Switzerland encountered a notable uptick in bankruptcy proceedings in 2023, marking the first increase in three years, as reported by the Federal Statistical Office (FSO).
The year saw 15,447 new cases, a 2.9% rise from the previous year, signaling a shift in the nation’s economic stability narrative. This growth, however, is a deceleration from the more pronounced surges of 6.6% in 2022 and 9.1% in 2021, suggesting a gradual stabilization after the sharp escalations.
Contrasting this rise in bankruptcies, the financial detriment these proceedings brought about has seen a downturn, with a 12% reduction in losses, amounting to CHF 2 billion. Despite the rise in cases, this decline in financial damage indicates a silver lining, with the blow softened by the economic structures in place. However, this may also be an indication that the new bankruptcies are small businesses.
The landscape of payment orders, a precursor to legal action in debt recovery, further complements this complex economic tableau. After stabilising during the pandemic years at approximately 2.7 million, 2023 saw an 11% jump, nearing the record highs of 2019, with over 3 million orders issued.
©Keystone/SDA
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