New record number of bankruptcy cases in Sweden

New record number of bankruptcy cases in Sweden

Last week, Helsingin Sanomat highlighted that the monthly number of bankruptcy petitions has been as high only seven times since 2003, with the record of 53 being in February 2009.

Between January and August, bankruptcy cases against 294 construction companies have been instituted, leaving the sector on track to experience its worst year since the early 2010s.

The challenges in building construction have resulted in staffing agencies providing workers for the sector. Selekta Rakennus, for example, reported last week it has entered corporate restructuring following a slowdown in construction in the first six months of the year, with no indications of a quick recovery on the horizon.

The staffing agency said it expects to report about 4.5 million euros in revenue in 2022, a drop of nearly six million euros from 2022.

The number of new bankruptcy cases in August rose by more than 20 percent year-on-year, marking a new record high since the eurozone crisis of 2013-2014.