The number of bankruptcies in the Netherlands has so far been considerably lower during the corona crisis than during the financial crisis around 2008, ING said in a report on Thursday.

In the first year since the start of the crisis in March last year, 0.17 percent of Dutch companies went bankrupt.

That was 0.57 percent in the first year of the financial crisis.

In addition to the broad support from the government, the ING Economics Bureau points to two more main reasons for the difference.

Companies have reduced their workforce faster than during the financial crisis.

In addition, the sectors where the greatest problems occur have fewer companies in total.

Personnel deployment can now be scaled down more easily due to structural changes such as the flexibilization of the labor market.

Overall, the loss of income for companies is much smaller than during the financial crisis and very concentrated in a relatively small group of companies, the report says.

ING economists believe that the number of bankruptcies will increase in the future, but they have become more positive about the severity of the wave.

This is because the economy is picking up well and because debt repayment schemes have been relaxed.

Entrepreneurs do not have to start paying back tax debts until October 1, 2022.

They now have five years to do this.

This was previously three years from October 1, 2021.