After the pandemic, the year 2021 was characterized by being one of recovery, with positive trends in almost all sectors of activity. However the outbreak of war between Russia and Ukraine put the national economy in check again last year, with companies, especially small and medium-sized ones, being the biggest victims.
And it is that, according to the Credit Risk Management Study, three out of five Spanish companies (60%) have suffered from defaults in the first quarter of 2022, which represents an increase of 2% compared to the second half of the previous year.
“Spanish companies went through a difficult time, because the growing inflation, which has already reached unprecedented levels in the last five years, was added to the delay in the delivery of merchandise, which ultimately made companies see their accounts weighed down by delinquency”they explain from the Sanahuja Miranda Abogados office.
In this same sense, from Credit Bank they alert already alerted about this complex business climate since 11% of Spanish companies came, according to their barometer, to waive debts once the default is provisioned. Thus, it is not surprising that 12% of companies that suffer from delinquency are at risk of closing due to this problem.
Bankruptcy Law and ICO Credits
“In addition to the climate of uncertainty generated around inflation”they point out from the office, “The small and medium-sized Spanish company was forced to face a few difficult months, since June coincided, on the one hand, with the end of the grace period for ICO credits, and, on the other, the expiration of the moratorium of the Law Insolvency”.
This exceptionality forced the Governments and the Administration to propose solutions and take urgent measures to guarantee the solvency of SMEs and the self-employed, who saw their risk of default with even greater growth possibilities: “If SMEs are left out of these measures, they will end up resorting to debt, once again, to meet their obligations arising from the pandemic.”
