At a global level, the upward trend in business insolvencies continued in 2019 (+9% y/y), mainly due to the prolonged surge in China (+20%) and, to a lesser extent, a trend reversal in Western Europe (+2%) and North America (+3%). In this context, the Global Insolvency Index bounced back to just slightly below its 2013 level. On top of this higher number of insolvencies, a persistent high level of failures of large companies can be identified – those with over EUR50mn of turnover – with 249 major insolvencies totaling more than EUR145bn in turnover in Q1-Q3 2019. The hot spots were construction in Asia; energy and retail in North America and retail and services in Western Europe.
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