Global Bankruptcy Report 2017

Dun & Bradstreet Worldwide Network

EDITION 1
 GLOBAL BANKRUPTCY REPORT

IN DE X
INTRODUCTION .......................................................................................................................... 3
OVERALL COMMENTARY BY OANA ARISTIDE ......................................................................... 4
CHARTS
AFRICA
Morocco .............................................................................................................................. 9
South Africa ......................................................................................................................... 9
ASIA/OCEANIA
Australia .............................................................................................................................. 9
China ................................................................................................................................... 9
Hong Kong ........................................................................................................................ 10
Indonesia ........................................................................................................................... 10
Japan ................................................................................................................................. 10
Singapore .......................................................................................................................... 10
South Korea ....................................................................................................................... 11
Taiwan ................................................................................................................................ 11
Thailand ............................................................................................................................. 11
Vietnam ............................................................................................................................. 11
EUROPE
Austria ............................................................................................................................... 12
Belgium ............................................................................................................................. 12
Bosnia ................................................................................................................................ 12
Bulgaria ............................................................................................................................. 12
Czech Republic ................................................................................................................. 12
Denmark ............................................................................................................................ 12
Finland ............................................................................................................................... 13
France ................................................................................................................................ 13
Germany ............................................................................................................................ 13
Italy .................................................................................................................................... 13
Netherlands ....................................................................................................................... 13
Norway .............................................................................................................................. 13
Poland ............................................................................................................................... 14
Portugal ............................................................................................................................. 14
Russia ................................................................................................................................. 14
Serbia ................................................................................................................................ 14
Slovakia ............................................................................................................................. 14
Slovenia ............................................................................................................................. 14
Spain .................................................................................................................................. 15
Sweden .............................................................................................................................. 15
Switzerland ........................................................................................................................ 15
United Kingdom ................................................................................................................ 15
MIDDLE EAST
Israel .................................................................................................................................. 16
Turkey ................................................................................................................................ 16

NORTH AMERICA
Canada .............................................................................................................................. 16
USA .................................................................................................................................... 16

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 GLOBAL BANKRUPTCY REPORT

I NT R O D U C T I O N
Welcome to the Dun & Bradstreet Global Bankruptcy Report. This report
is compiled for you by the members of the Dun & Bradstreet Worldwide
Network (WWN).

Since 2005, our network of partner organizations has offered customers across
the globe access to the best local data, whilst maintaining a consistent
high-quality standard. Today, the network consists of 16 partners and
six Dun & Bradstreet-owned markets, collecting business information on over
200 countries. We work together to provide the best data, analytics and insights to help you
manage your business relationships.

As cross-border transactions increase, more and more customers have been expressing a need
for the analysis of bankruptcy trends to cover global markets as an index of real economic
conditions. It was to satisfy this need that we started compiling the Global Bankruptcy Report.

We are pleased to share that the number of markets covered has increased to 38. I would like to
extend a special thanks to the following WWN members who contributed local bankruptcy data
from their respective markets:

Altares, Bisnode, CRIBIS D&B, D&B Indonesia, D&B Israel, D&B Singapore, D&B Thailand, D&B
Vietnam, D&B Turkey, Huaxia D&B China, ICAP, Informa D&B, Interfax, NICE D&B and TSR.

The data compiled has been analyzed and edited by Dun & Bradstreet’s Country Insight team of
experienced economists.

We hope you find the report beneficial.

Sabine Leferink
Dun & Bradstreet Worldwide Network Leader

D U N & BR AD S T REET WOR L D WI D E NET WORK | 3

 GLOBAL BANKRUPTCY REPORT

OVER AL L C OMM E N TA RY

Global Bankruptcy Trends

Oana Aristide | Dun & Bradstreet Economist

ECONOMIC GROWTH IS place as the Federal Reserve slowly normalizes monetary

policy) counts as one of the main global risks in 2017.
SLOWING, BUT BUSINESS
BANKRUPTCIES ARE Analysis of the results based on the income status of the
countries in our sample reveals that bankruptcy rates have
DECLINING declined in a majority of both developed and developing
Global economic growth forecasts have been countries. The results are more overwhelmingly positive in
revised downwards almost every year since the case of developed economies, but the trend is evident
the financial crisis, with a lack of growth engines, fiscally in emerging markets as well (more than twice as many
hampered governments, and the preceding overinvestment countries had declining rather than increasing bankruptcy
all playing a part in establishing this pattern. However, rates). In terms of regions, failures have declined in 16 out
despite the sluggish growth environment, global corporate of 23 European countries in our sample, with only one large
failure rates have declined, reaching record lows in some economy – the UK – represented in the ‘deteriorating’ group.
major economies. And 2016 was no exception: out of a Nine out of eleven countries in our Asia-Oceania region had
total of 38 countries in our analysis, 26 experienced falling declining failure rates, including China (the largest economy
bankruptcy rates relative to the previous year; meanwhile in the region and a key global growth engine). The other
the failure rate stagnated in two countries, and only ten global economic behemoths – the US, Japan and Germany –
countries saw the rate increase. This two-tier development also experienced declining failure rates in 2016.
– low growth but resilient businesses – illustrates on the
one hand the severity of the previous financial crisis and
“Our analysis shows that bankruptcy rates have declined
the significant debt overhang left in its wake, and on the
in the majority of both developed and developing
other the ultra-low interest rates and loose monetary policy countries. Regionally, 16 out of 23 European countries
across most of the developed world. The latter has not only and 9 out of 11 Asia-Oceana countries have seen
supported businesses in developed countries, but has also decreasing bankruptcy rates—a good sign in a slow-
stimulated a surge in capital flows to higher-yield emerging growth economy.”
markets. The ensuing capital flow reversal (expected to take

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BA NKRU PTC Y T R E N D S I N T H E
U NI TE D STAT E S
Failure Rates in the US are Declining, but Much
Slower than in 2016
Failure rates in the US declined by 2.3% in 2016, a far
smaller improvement than in Dun & Bradstreet’s 2016
Global Bankruptcy Trends Report (when bankruptcies
were down by 10.7%). This echoes overall
macroeconomic developments: economic growth in the
US decelerated to 1.6% in 2016, down from 2.4% in
2015. Our proprietary Small Business Health Index1
suggests that the stability of small businesses is a
particular concern.
“Failure rates in the US declined by a mere 2.3% in
2016—a far smaller improvement compared to our 2016
report showing a 10.7% decline. Yet, we have upgraded
our near-term growth forecast in a positive direction
and expect 2.3% growth in 2017 and 2.4% in 2018.”
Moreover, when small business performance faltered in
2016, balance sheets followed suit – as reflected in Dun
& Bradstreet’s Overall Business Health Index. Overall
balance sheet health declined in 2016, falling from the
all-time high recorded in December 2015 to end the
year 1.5% lower. However, despite the annual decline
the index has stabilized in recent months, and the
slowing rate of year-on-year decline may indicate that
the trend is starting to switch back towards a positive
trajectory. Encouragingly, following four straight
quarters of negative or zero growth, fixed investment
rebounded strongly in Q4 with 4.2% growth, and
added 0.7 percentage points to headline GDP. It
remains to be seen whether the pickup in business
spending is sustained. The new US administration has
promised changes in the tax and regulatory regimes;
to the extent that expected corporate tax reform
and deregulation aid business continuity and make
it easier for US businesses to invest domestically, we
will see an acceleration in the growth of business
spending. Further, given what we know so far about
the potential fiscal policy stimulus expected from the
new government, we have slightly upgraded our near-
term growth forecast for the US: we now expect 2.3%
growth in 2017 and 2.4% in 2018.
1
 he Small Business Health Index measures year-on-year small business performance through payment patterns and credit use. The U.S. Overall Business Health Index provides
T
a year-on-year weighted average of Dun & Bradstreet’s Viability Score, Delinquency Predictor and Total Loss Predictor. The index ranges from zero (with all businesses recording
high levels of risk) to 100% (with all businesses recording low levels of risk). Data quoted based on data available as of January 30, 2017.
GLOBAL BANKRUPTCY REPORT
BANKR UPTCY TR E NDS IN CHINA
Lower Corporate Failures in China are Paired with
Predicted Soft Growth Deceleration
Patchy data coverage has prompted us to disregard total
failure rates in H2 2016; as such, our China bankruptcy
data covers July 2015-June 2016. In this period there
were 8.8% fewer corporate failures in China, which is
suggestive of the Chinese authorities’ efforts to achieve a
soft landing for the economy.
Despite the investment slowdown and crisis affecting large
swaths of industrial China, economic growth was just
0.2 percentage points lower in 2016 (6.7%, down from
6.9% in 2015). Meanwhile, the People’s Bank of China
has shifted towards incrementally tightening its monetary
policy. It issued directives to banks to keep new mortgage
lending growth in Q1 2017 below that of Q4 2016, on
pain of financial penalties, and in January it also raised its
medium-term lending facility rates. The context for this is
that bank credit still rose faster than growth in nominal
GDP in 2016. The concern is that debt-servicing problems
could proliferate and injure growth: Reuters reported 45
credit stress, and technical or full bond default events, in
2016, including those of state-owned borrowers. These
represented the tip of the iceberg of state-owned ‘zombie’
companies. Lists are being drawn up by bankruptcy courts
due to form in at least 11 provinces to implement the (so
far) little-used 2007 bankruptcy law, while the large banks
are being encouraged to take equity in debt-distressed
companies deemed to be of strategic value.
“China saw 8.8% fewer corporate failures from July 2015-
June 2016. There are some danger signs regarding credit
risk into 2018. Dun & Bradstreet forecasts continued soft
deceleration to China, to 6.3% in 2017 and 5.8% in 2018.”
The nuanced swing towards policy tightening suggests that
the authorities have shifted away from concerns over a
short-term hard landing and back toward fears that excess
credit growth will endanger financial stability over the
medium term into 2018; there are already danger signs
around real estate developers’ credit risk, as any crunch in
the real estate market will severely crimp local government
revenues (these depend on land sales for almost half their
revenues). Dun & Bradstreet forecasts continued soft
deceleration in China, to 6.3% in 2017 and 5.8% in 2018.
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BA NKRU PTC Y T R E N D S I N J A PAN
Corporate Failures are Declining, but More Failures
Expected This Year
Corporate failures in Japan continued to decline in 2016,
by 4.2%, reaching a new record low. Meanwhile, GDP
growth picked up pace over the course of 2016, but the
country is yet to achieve escape velocity from the low-
growth, low-inflation trap in which it has been mired for
the past few decades.
“Corporate failures in Japan declined by 4.2%, reaching
a new record low. Dun & Bradstreet does expect failure
rates to increase this year and forecasts economic
growth at 1% in 2017 and 1.5% in 2018.”
Even when considering the declining failure rate, the
evident improvement is not so much due to robust
demand conditions as to banks’ leniency with regard to
rescheduling payments, SME financing facilities, as well
as the widespread practice of winding down operations
rather than going through a costly legal bankruptcy.
Recent surveys also reveal that many companies have
severe difficulties filling positions, which should eventually
translate into higher wages – and implicitly higher costs
for businesses. Meanwhile, the considerable seesawing
of the Yen determines which segment of the economy is
most at risk of payment difficulties and bankruptcy: at
the current level (a weak yen), the currency benefits large
corporations that have export revenue, and hurts small
companies that chiefly target the domestic market while
relying on imports. Dun & Bradstreet forecasts economic
growth of 1.0% in 2017 and 1.5% in 2018, but we also
expect failure rates to start increasing as of this year.
GLOBAL BANKRUPTCY REPORT
BANKRUPTCY TRENDS IN GERMANY
Germany Shows a Positive Growth Trend and Large
Decline in Bankruptcies
The number of corporate failures declined by 6.1% in
2016 as the German economy reaped the benefits of the
structural reforms it implemented more than a decade ago.
The weak euro was also a factor: the country reported
the largest current account surplus in the world in 2016
(remarkably, bigger even than China’s). Dun & Bradstreet
predicts the number of business failures to stay on a
generally downward trend in 2017-18, helped by a still
supportive monetary policy in the euro zone and robust
domestic and external demand. Recently, we upgraded
Germany’s risk rating outlook from ‘deteriorating’ to
‘stable’ due to generally positive economic trends. On
the labour market front, the harmonized unemployment
rate has dropped below the 4.0% threshold, the lowest
rate since the start of the data series. With virtually full
employment, domestic consumption is likely to support
growth, but companies doing business in Germany should
factor in growing wage pressures over the coming years,
especially as the country’s minimum wage was increased in
January 2017.
“Germany reaped the benefits of structural reforms,
experiencing a corporate failure decline of 6.1%
in 2016. We forecast German GDP growth of 1.5%
in 2017 and 1.9% in 2018, taking into account low
unemployment, the election, and monetary policy.”
Federal elections are scheduled for September 2017, but
these create less cause for concern than in other EU states.
The Social Democrats have nominated Martin Schulz,
the former president of the European parliament, as new
party chairman and lead candidate. While it seems that
Schulz’s chances of ousting Chancellor Angela Merkel are
relatively slim, it is likely that under his leadership the
Social Democrats would renew the current EU-friendly
Grand Coalition with Merkel’s Conservatives. We forecast
German GDP growth of 1.5% in 2017 and 1.9% in 2018.
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BA NKRU PTC Y T R E N D S I N F R A N CE
France’s Bankruptcy Rates Declined Significantly,
Yet Political Risk is Elevated
In line with most of the EU countries in our sample, France
saw bankruptcy rates fall in 2016 (8.8%). Meanwhile,
the latest available macroeconomic data surprised on
the upside, highlighting an underlying improving trend
in the French economy. The harmonized unemployment
rate has fallen to its lowest value since late 2011, and the
Purchasing Managers’ Indices (PMI, compiled by Markit) in
the manufacturing, retail and service sectors are all moving
higher. However, the upcoming presidential (April/May) and
parliamentary (June) elections continue to cause elevated
levels of risk. For the presidential elections, Dun & Bradstreet
predicts that no candidate will win an outright majority in
the first round on April 23, requiring a runoff on May 7.
“France’s bankruptcy rates fell in 2016 by 8.8%. Yet,
political risk is likely to stay elevated throughout 2017
regardless of France’s election outcome.”
Current polls indicate that Marine Le Pen from the far-right
Front National and independent centrist Emmanuel Macron
(a 39-year-old former banker) will reach the second round.
Although a victory for Le Pen (who presents herself as an
anti-establishment candidate) cannot be ruled out completely
given the evident populist trends around the world, we
predict that Macron will eventually secure the presidency.
Both election outcomes, however, are problematic from a
country risk perspective: Macron lacks a party to back him
and has little political experience apart from a short stint as
economics minister in 2014-16. Le Pen, on the other hand,
wants to take France out of the EU and is also thinking
about ending the country’s NATO membership; she is also
campaigning against free trade. With parliamentary elections
taking place shortly after the presidential elections, and with
support being split between three major parties and several
smaller political movements, a hung parliament seems to be
a realistic outcome. We recommend monitoring the situation
closely and frequently as political risk is likely to stay
elevated throughout 2017.
GLOBAL BANKRUPTCY REPORT
BANKRUPTCY TRENDS IN THE
UNITED KINGDOM
UK Only Major Economy to Show Increasing
Bankruptcy Rates
Despite being the only major European economy to record
increasing bankruptcy rates in 2016 (+10.1%), the UK
economy is paradoxically also one of the fastest-growing.
However, the increase in the failure rate is entirely due
to a spike in Q4 2016, which chimes with our view that
Brexit clouds the 2017 outlook. Real GDP growth data
for 2016 as a whole shows that the economy expanded
by a healthy 2.0%, only marginally down from the 2.2%
seen in 2015. At the same time, confidence indicators are
holding up well, with the Purchasing Managers’ Index
in the manufacturing sector reaching 55.9 points in
January, higher than the euro-zone average of 55.2 and
comfortably above the neutral 50-points line. However,
input price inflation is building up rapidly, with the
relevant sub-index rising at the fastest rate since the start
of the data series in 1992.
The lack of impact on macroeconomic data from Brexit so
far is unsurprising. Ultra-loose monetary policy, boosted
by a further interest rate cut in August 2016 and by the
government’s fiscal response, have helped maintain good
refinancing conditions for companies, while Brexit is yet
to produce any concrete effects on trade or on the free
movement of labour and capital. Business and consumer
confidence has held up well due to optimism about the
terms of the eventual Brexit. However, we consider this
optimism to be misplaced, and we expect sentiment to
deteriorate as Brexit starts producing noticeable effects.
“The UK is the only European economy to record
increasing bankruptcies in 2016 (10.1%). Low growth of
1.5% is expected in 2017 and 2018 due to Brexit.”
With the government expected to invoke Article 50 by the
end of March, the economic impact of the Brexit vote will
be felt harder in the coming quarters, limiting growth to
just 1.5% in both 2017 and 2018.
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 GLOBAL BANKRUPTCY REPORT

O U TL O O K COUNTRY BANKRUPTCY (%)

Growth to Increase Slowly, Yet Deglobalization SERBIA -50.8

Remains a Concern BOSNIA -32.5
SOUTH KOREA -26.9
Returning to the wider global context, overall we expect
global growth of 2.7% in 2017 (up from an estimated INDONESIA -26.3
2.2% in 2016) and 3.0% in 2018. We believe the risks HONG KONG -23.2
associated with doing cross-border business in the global PORTUGAL -22.9
economy still remain elevated, the main three being de- BULGARIA -21.8
globalization, the breakup of the EU, and adverse effects SPAIN -17.9
from monetary policy tightening in the US.
NETHERLANDS -16.2
AUSTRALIA -15.3
“We expect global growth to go up 2.7% in 2017 (up RUSSIA -13.8
from 2.2% in 2016) and 3% in 2018. Cross-border THAILAND -11.3
business risk due to deglobalization, the breakup of
TURKEY -10
the EU, and adverse effects from monetary policy
tightening are the main gating factors affecting global SINGAPORE -9.3
growth. Fortunately, the overall decline of global FRANCE -8.8
bankruptcies is a positive sign.” CHINA -8.8
POLAND -8.7
ITALY -7.7
With regard to the first risk, while the popularity of
SLOVAKIA -7.5
anti-globalization politicians has been surging, there is
BELGIUM -6.2
little reason to believe that protectionism will benefit
the world economy. Consequently, should policy-makers GERMANY -6.1
address this discontent by tearing up trade agreements FINLAND -5.1
and increasing protectionism, rather than by attempting SWEDEN -5
to mitigate the losses of those who are at a disadvantage CANADA -4.7
from globalization, it will be to the detriment of every open JAPAN -4.2
economy, and particularly to those sectors most reliant on ISRAEL -4
international trade (manufacturing, whole-sale and retail
USA -2.3
trade). The second, EU-related risk, is more of a long-term
SOUTH AFRICA -1.4
concern, while the US monetary policy tightening chiefly
exposes emerging markets to the risk of large capital TAIWAN -1.3
outflows, and thereby to a reversal of the mostly benign NORWAY 3.9
bankruptcy trend we have seen in the past years. SLOVENIA 4.4
AUSTRIA 6.6
SWITZERLAND 9.3
Oana Aristide is a Senior Economist on Dun & Bradstreet’s
Advanced Analytics team. Based in the UK, she covers UNITED KINGDOM 10.1
three Scandinavian countries as well as Romania, Japan, VIETNAM 11.8
Malaysia, and the Philippines as a contributor to CZECH REPUBLIC 21
Dun & Bradstreet’s Macro Market/Country Insight
MOROCCO 24.7
Products. She has a background in central banking.
DENMARK 69

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 No. of companies declared bankruptcy No. of companies declared bankruptcy

400
500
600
700
800
900
1000
1100
1200
0
200
400
600
800
1000
1200
1400
JAN JAN
FEB
MAR MAR
APR
MAY MAY
JUN
JUL JUL

2014
2014
AUG
SEP SEP
OCT
NOV NOV
DEC
JAN JAN
FEB
MAR MAR
APR
C HAR T S – AFR I C A

MAY MAY
JUN

2015
JUL

2015
JUL

Source: Altares
AUG
SEP
SEP
OCT
NOV
NOV
MOROCCO

AUSTRALIA
DEC
JAN

CHAR TS – ASI A / O C E A N I A
JAN
FEB

2015
MAR
MAR
APR

Source: Australian Securities and Investments Commission

MAY
MAY
JUN

2016
2016
JUL
JUL AUG
SEP
SEP OCT
NOV
NOV DEC

No. of companies declared bankruptcy No. of companies declared bankruptcy

0
50
100
150
200
250
300
0
50
100
150
200
250

JAN JAN
FEB FEB
MAR MAR
APR APR
MAY MAY
JUN JUN
JUL JUL

2014
2014

AUG AUG
SEP SEP
OCT OCT
NOV NOV
DEC DEC
JAN JAN
FEB FEB
MAR MAR
APR APR
MAY MAY
JUN JUN
JUL JUL

2015
2015

AUG AUG
2015

SEP SEP
CHINA

OCT OCT
Source: Statistics South Africa

NOV NOV
DEC DEC
JAN JAN
SOUTH AFRICA

2015
FEB FEB
MAR MAR
APR APR
MAY MAY
JUN JUN

Source: Huaxia Dun & Bradstreet China: Websites of Chinese Courts

2016
2016

JUL JUL
AUG AUG
SEP SEP
OCT OCT
NOV NOV
DEC DEC
GLOBAL BANKRUPTCY REPORT

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 No. of companies declared bankruptcy No. of companies declared bankruptcy

0
2000
4000
6000
8000
10000
12000
14000
16000
18000

0
100
200
300
400
500
600
700
800
900
JAN JAN
FEB FEB
MAR MAR
APR APR
MAY MAY
JUN JUN
JUL JUL

2014
2014
AUG AUG
SEP SEP
OCT OCT
NOV NOV
DEC DEC
JAN JAN
FEB FEB
MAR MAR
APR
APR
MAY
MAY
JUN
JUN
JUL

2015
JUL

2015
AUG
AUG
SEP
SEP
OCT
OCT
NOV
NOV

INDONESIA
DEC
DEC

Source: PT. Dun & Bradstreet Indonesia

HONG KONG

JAN
C HAR T S – ASI A / O C E A N I A

JAN
FEB
FEB
MAR

Source: Census and Statistics Department, Hong Kong

MAR
APR
MAY APR
JUN MAY
JUN

2016
JUL

2016
AUG JUL
SEP AUG
OCT SEP
NOV OCT
DEC NOV

No. of companies declared bankruptcy No. of companies declared bankruptcy

0
5
10
15
20
25
30
0
100
200
300
400
500
600
700
800
900
1000

JAN JAN
FEB
MAR MAR
APR
MAY MAY
JUN
JUL JUL

2014
2014

AUG
SEP SEP
OCT
NOV NOV
DEC
JAN JAN
FEB
MAR MAR
APR
MAY MAY
JUN
JUL
2015

2015
JUL
AUG
SEP
SEP
JAPAN

OCT
Source: Tokyo Shoko Research

NOV
NOV
DEC
SINGAPORE

JAN
JAN

Source: Dun & Bradstreet Singapore

FEB
MAR
MAR
APR
MAY
MAY
JUN
2016

JUL

2016
JUL AUG
SEP
SEP OCT
NOV
NOV DEC
GLOBAL BANKRUPTCY REPORT

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 No. of companies declared bankruptcy No. of companies declared bankruptcy

0
10
20
30
40
50
60
70
80
90
100

0
500
1000
1500
2000
2500
3000
3500
JAN JAN
FEB
MAR MAR
APR
MAY MAY
JUN
JUL JUL

2014

2014
AUG
SEP SEP
OCT
NOV NOV
DEC
JAN JAN
FEB
MAR MAR
APR
MAY MAY
JUN
JUL JUL

2015

2015
AUG
SEP SEP

Source: NICE D&B

OCT

TAIWAN
NOV NOV
DEC
JAN JAN
SOUTH KOREA
CH AR T S – ASI A / O C E A N I A

FEB
MAR MAR

Source: Ministry of Economic Affairs, R.O.C.

APR
MAY MAY
JUN

2016

2016
JUL JUL
AUG
SEP SEP
OCT
NOV NOV
DEC

No. of companies declared bankruptcy No. of companies declared bankruptcy

0
20
40
60
80
100
120

0
2000
4000
6000
8000
10000
12000
14000
JUN FEB
JUL
AUG APR
SEP

2014
OCT JUN
NOV
2014

DEC AUG
JAN
OCT
FEB
MAR
DEC
APR
MAY FEB
JUN
JUL APR

2015
AUG
SEP JUN
2015

OCT
AUG
NOV
DEC
OCT
JAN
VIETNAM
THAILAND

FEB DEC

Source: Dun & Bradstreet Vietnam

Source: Dun & Bradstreet Thailand

MAR
APR FEB
MAY
JUN APR

2016
JUL
JUN
2016

AUG
SEP
AUG
OCT
NOV
OCT
DEC
GLOBAL BANKRUPTCY REPORT

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 No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy

0
100
200
300
400
500
600
700
800
900
1000

0
50
100
150
200
250
300
350
400
100
0
200
400
600
800
1000
1200
1400
JAN JAN JAN
FEB
MAR MAR MAR
APR
MAY MAY MAY
JUN
JUL JUL

2014
JUL

2014
2014
AUG
SEP SEP SEP
OCT
NOV NOV NOV
DEC
JAN JAN JAN
FEB
MAR MAR MAR
APR
MAY MAY
C HAR T S – E U R O P E

MAY
JUN
JUL JUL

2015
2015
JUL

2015
AUG
SEP SEP
SEP
OCT

Source: BelgoStat

BOSNIA
AUSTRIA

NOV NOV

BELGIUM
Source: Bisnode (Austria)
NOV
DEC
JAN JAN
JAN
FEB

Source: Bisnode (Southern Market: Bosnia)

MAR MAR
MAR APR
MAY MAY
MAY JUN

2016
2016
JUL JUL

2016
JUL AUG
SEP SEP
SEP OCT
NOV NOV
NOV DEC

No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy

0
200
400
600
800
1000
1200
0
100
200
300
400
500
600
700
800
900
1000
0
50
100
150
200
250

JAN JAN
FEB
Q1

MAR MAR
APR
MAY MAY
Q2

JUN
JUL JUL

2014
2014

2014
AUG
Q3

SEP SEP
OCT
Q4

NOV NOV
DEC
JAN JAN
FEB
Q1

MAR MAR
APR
MAY
Q2

MAY
JUN
JUL

2015
2015

JUL
2014

2015
Q3

AUG
SEP SEP
Source: ICAP (Bulgaria)

OCT
Q4

NOV
NOV

Source: Bisnode (Czech Rep)

DENMARK
BULGARIA

Source: Bisnode (Denmark)

DEC
JAN
JAN
Q1

FEB
CZECH REPUBLIC

MAR
MAR
APR
Q2

MAY
MAY
JUN

2016
2016

JUL

2016
JUL
Q3

AUG
SEP
SEP
OCT
Q4

NOV
NOV DEC
GLOBAL BANKRUPTCY REPORT

D U N & BR AD S T REET WOR L D WI D E NET WORK | 12

 No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy

0
50
100
150
200
250

0
1000
2000
3000
4000
5000
6000
7000

0
500
1000
1500
2000
2500
JAN JAN JAN
FEB
MAR MAR MAR
APR
MAY MAY MAY
JUN
JUL JUL JUL

2014
2014

2014
AUG
SEP SEP SEP
OCT
NOV NOV NOV
DEC
JAN JAN JAN
FEB
MAR MAR MAR
APR
MAY
CH AR T S – E U R O P E

MAY MAY
JUN
JUL

2015
JUL JUL

Source: Altares
2015
2015
AUG
SEP
SEP SEP

Source: Bisnode (Finland)

OCT

FRANCE
NOV
FINLAND

NOV NOV

Source: Bisnode (Germany)

GERMANY
DEC
JAN
JAN JAN
FEB
MAR
APR MAR MAR
MAY
JUN MAY MAY

2016
JUL

2016
2016
AUG JUL JUL
SEP
OCT SEP SEP
NOV
DEC NOV NOV

No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy

0
100
200
300
400
500
600
700
800
900
0
200
400
600
800
1000
1200
1400
1600
1800
2000

0
100
200
300
400
500
600
700
800
900
JAN JAN JAN
FEB FEB FEB
MAR MAR MAR
APR APR APR
MAY MAY MAY
JUN JUN JUN
JUL JUL JUL
2014

2014
2014
AUG AUG AUG
SEP SEP SEP
OCT OCT OCT
NOV NOV NOV
DEC DEC DEC
JAN JAN JAN
FEB FEB FEB
MAR MAR MAR
APR APR APR
MAY MAY MAY
JUN JUN JUN
JUL JUL JUL
2015

2015
2015
AUG AUG AUG
SEP SEP SEP
ITALY

OCT OCT OCT

NOV NOV NOV

NORWAY

Source: Bisnode (Norway)

DEC DEC DEC
JAN JAN JAN
Source: Cribis Dun & Bradstreet Srl

NETHERLANDS

FEB

Source: Dun & Bradstreet Netherlands

FEB FEB
MAR MAR MAR
APR APR APR
MAY MAY MAY
JUN JUN JUN
JUL
2016

JUL

2016
JUL

2016
AUG AUG AUG
SEP SEP SEP
OCT OCT OCT
NOV NOV NOV
DEC DEC DEC
GLOBAL BANKRUPTCY REPORT

D U N & BR AD S T REET WOR L D WI D E NET WORK | 13

 No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy

0
200
400
600
800
1000
1200
1400
1600
1800
0
100
200
300
400
500
600
0
20
40
60
80
100
120
JAN JAN JAN

MAR MAR MAR

MAY MAY MAY

JUL JUL JUL

2014
2014
2014
SEP SEP SEP

NOV NOV NOV

JAN JAN JAN

MAR MAR MAR

MAY MAY MAY

C HAR T S – E U R O P E

JUL JUL JUL

2015
2015
2015
SEP SEP SEP

Source: Interfax
Source: Informa

RUSSIA
POLAND

NOV NOV NOV

Source: Bisnode (Poland)

PORTUGAL
JAN JAN JAN

MAR MAR MAR

MAY MAY MAY

2016
2016
2016
JUL JUL JUL

SEP SEP SEP

NOV NOV NOV

No. of companies declared bankruptcy No. of companies declared bankruptcy No. of companies declared bankruptcy
0
5
10
15
20
25
30

0
20
40
60
80
100
120
140
160
180
0
200
400
600
800
1000
1200
JAN JAN JAN
FEB
MAR MAR
MAR
APR
MAY MAY
MAY
JUN
JUL JUL

2014

2014
JUL
2014

AUG
SEP SEP
OCT SEP
NOV NOV
DEC NOV
JAN JAN
FEB JAN
MAR MAR
APR MAR
MAY MAY
JUN MAY
JUL JUL

2015

2015
2015

AUG JUL
SEP SEP
OCT

Source: Bisnode (Slovakia)

SERBIA

SEP
NOV NOV
SLOVAKIA

SLOVENIA
DEC
NOV
JAN JAN
FEB
JAN
Source: Bisnode (Southern Market: Serbia)

MAR MAR

Source: Bisnode (Southern Market: Slovenia)

APR
MAY MAY MAR
JUN
JUL JUL

2016

2016
MAY
2016

AUG
SEP SEP
JUL
OCT
NOV NOV
DEC SEP
GLOBAL BANKRUPTCY REPORT

D U N & BR AD S T REET WOR L D WI D E NET WORK | 14

 GLOBAL BANKRUPTCY REPORT

C HAR T S – E U R O P E

SPAIN SWITZERLAND

2500 700
No. of companies declared bankruptcy

No. of companies declared bankruptcy

600
2000

500

1500
400

300
1000

200
500
100

0 0
MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

MAR

JUN

SEP

JAN

MAR

MAY

JUL

SEP

NOV

JAN

MAR

MAY

JUL

SEP

NOV

JAN

MAR

MAY

JUL

SEP

NOV
2014 2015 2016 2014 2015 2016

Source: National Statistics Institute (INE) Source: Bisnode D&B Schweiz AG

SWEDEN UNITED KINGDOM

800 6000
No. of companies declared bankruptcy

No. of companies declared bankruptcy

700
5000

600
4000
500

400 3000

300
2000
200

1000
100

0 0
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

MAR

JUN

2014 2015 2016 2014 2015 2016 SEP

Source: Statistics Sweden Source: Office for National Statistics

D U N & BR AD S T REET WOR L D WI D E NET WORK | 15

 GLOBAL BANKRUPTCY REPORT

C HAR T S – M I DD L E E A S T

ISRAEL TURKEY

120 3500

No. of companies declared bankruptcy

No. of companies declared bankruptcy

3000
100

2500
80

2000
60
1500

40
1000

20
500

0 0
JAN

MAR

MAY

JUL

SEP

NOV

JAN

MAR

MAY

JUL

SEP

NOV

JAN

MAR

MAY

JUL

SEP

NOV

JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
2014 2015 2016 2014 2015 2016

Source: Dun & Bradstreet Israel Source: Dun & Bradstreet Turkey

CH AR TS – N O R T H A M E R I C A

CANADA UNITED STATES

350 35000
No. of companies declared bankruptcy

No. of companies declared bankruptcy

300 30000

250 25000

200 20000

150 15000

100 10000

50 5000

0 0
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

2014 2015 2016 2014 2015 2016

Source: Statistics Canada Source: Administrative Office of the U.S. Courts.

D U N & BR AD S T REET WOR L D WI D E NET WORK | 16

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