2023-08-19 12:47:07
the same day as the Statistics National Institute (INE) published that in June 14.5% more new businesses had been launched than a year ago (an increase of 10.7% for the first semester as a whole), the College of Registrars announced some data that, apparently, spoiled the party: the 5,900 bankruptcy proceedings requested between April and June mean doubling the figures of the previous year. There are, in the first half of the year, 50% more procedures of this type, a trend confirmed by data published by Eurostat this Friday and which indicate that the number of bankruptcies is at maximum levels in the European Union. But, even so, in this improvised balance wins the entrepreneurial euphoria: first, because –at least in Spain– many more companies open (almost 61,000 between January and June) than those dissolve (14,000, in round numbers) or those that are formally declared insolvent to meet their payment obligations (close to 11,000); second, because the statistics around the contests have many nuances.
The number of bankruptcies skyrockets, but entrepreneurial euphoria wins: “That a business that is going badly closes is not bad news”
“The ‘good’ and ‘bad’ labels may not be like that: that the number of contests grows is not, in itself, a bad indicator, it just means that businesses that don’t work close”, introduces the Lawyer specialized in Bankruptcy Law y Member of the Barcelona Bar Association (ICAB), Martí Batllori. “That a business that is going badly closes is not bad news,” he says.
In addition, adds this specialist, after a contest it is common to open another company. “People, when they close a business, the next day look for money to open another: the creativitythe innovation and the want to to undertake do not end with a contest”, he assures.
To this add Jordi Albioleconomist member of the College of Economists y bankruptcy lawyer at the RCD law firm, that in Spanish culture it is very common to interpret the contest as a negative situation, when “well done, it provides enough tools to save companies that are in a situation of economic crisis”. “We are still clearly below the bankruptcy data for natural and legal persons in Europebecause here it is not understood as an adequate tool”, he maintains.
The regulation of ‘bankruptcy without mass’, more agile, and the fall of the bankruptcy moratorium has caused the cases to multiply, but they are still far from those of other countries
Having established this premise, both professionals acknowledge that the number of bankruptcies is growing, but they explain that this occurs for three basic reasons, none of them very important in practice: that a year ago a bankruptcy moratorium was in force that no longer exists, and that they have been much better regulated contests without massa formula that greatly speeds up the process and, consequently, encourages it.
contests without mass
“The bankruptcy proceedings have been delayed, because between the bankruptcy moratorium [un marco jurídico vinculado al covid que libraba a las compañías de la obligación de declarar el concurso cuando no pudieran hacer frente a sus deudas] and the helpThere have been practically no contests in the last two years”, points out Albiol, who finds it logical that, with both shields having disappeared, the companies that depended on them have fallen. “There is a rebound, but nothing to do with the bankruptcy crazy times”, affirms this lawyer. In this sense, Batllori refers to the data for the third quarter, a period that he will now allow to compare on equal terms: the bankruptcy moratorium He disappeared precisely in June of last year.
But there is another great element, that of the contests without massa formula that already existed but that is regulated much more clearly in the new bankruptcy law. “It is a faster way to close when you have nothing,” contextualizes the ICAB lawyer. In his opinion, this may have encouraged businessmen who left management for later, because in this new scenario, in 3 or 4 months the matter may be closed. “You make the bankruptcy petition, you tell the judge to declare it, but simultaneously conclude it, because It is a contest that has no mass to liquidate”, Albiol complements by releasing another piece of information: it is very likely that out of 30 contests that can be published in the BOE in one day, 25 are of this type.
In this way, for both specialists, the good data on business creation is much more significant than the number of bankruptcies. “In global figures, the more companies there are, the more chances that there are healthy ones, but also rotten ones,” summarizes the RCD lawyer. “There are closures, but positions in the credit system as a whole are not important, and in the banking environment there is no concern about the issue of delinquency”, concludes, in turn, Batllori, who also sees one last indication to be optimistic: “If businesses are opened it is because someone is lending the money for it, and that means that there is trust”.
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