Of the 82 companies that were made insolvent in the second quarter (Q2) of 2022, 18 were active in the previous year, which is a 75% decrease from the same quarter in 2022 when they were 72. Thereof, there were 5 insolvencies in construction, 2 in wholesale and retail trade and vehicle repair, 2 in tourism industries, and 9 in other industries.
On average, there were 101 employees in the previous year for companies made insolvent in the second quarter of 2022, which is an 80% decrease from the second quarter of 2021 when they were 498. Judging from both VAT turnover and the number of employees in the previous year, there was a decreased effect of insolvencies from the same period in 2021 in all industries.
There were 28 corporate insolvencies registered in June 2022. Thereof, 9 were for companies that were active in the previous year, i.e. they either had registered employees according to the official PAYE tax registry or turnover according to VAT reports. This is a 68% decrease from June 2021.
Statistics Iceland publishes monthly updates on insolvencies of registered companies. The number of insolvencies for the latest month are temporary estimates and are subject to change with increased information on insolvency registrations from judicial authorities.