The end of the state of alarm and the beginning of the "new normal" have brought about a great increase in business bankruptcies. In the month of June alone, a total of 435 companies have applied for bankruptcy as they find themselves insolvent and unable to meet their debts. The figure is three times higher than that registered in May and already exceeds even 359 suspensions of payments made in the same month of the previous year. The data, provided to ELMUNDO by Axesor, represents a preview of the bankruptcy cascade that is yet to come, despite the fact that the Government is still maintaining support measures to relax creditors' pressure on companies that have lost almost all of their income during the last months.

20% of insolvencies are registered in the commerce sector, one of the most affected by the crisis due to the impossibility of opening stores during the months of confinement. Commerce is followed by construction, immersed in a tunnel of uncertainty due to the fall in family incomes and the lack of visibility about the future, and the manufacturing industry, afflicted by recent announcements of closings by large groups such as Alcoa or Nissan and the decline in international trade.

The increase in bankruptcy proceedings still occurs under the shield approved by the Government during the state of alarm to avoid a cascade of bankruptcies of viable companies affected in a conjunctural way by the coronavirus. These modifications allow the companies themselves not to report their insolvency until December 31 - when the Law sets a period of two months - and prevents banks from forcibly initiating one of these processes to recover the debt. In addition, other financial support measures are still in force, such as the ERTE, carried over to September, and the ICO lines of financing with government backing.

Precisely, tomorrow the quotas assigned by the Government to financial institutions to grant loans to SMEs and large companies affected by the crisis expire with public coverage of up to 80%. During the crisis, the Ministry of Economy has enabled different tranches to grant 100,000 million euros in guarantees, but according to the latest official data available so far, only a total of 58,700 million have been paid .

Other specific mechanisms aimed at sectors such as tourism and the automotive sector were also included in the financial aid package, and a package of 4 billion was even allocated to cover the issuance of promissory notes made by companies with problems in the Alternative Fixed Income Market. Subtracting all these vehicles, the bank estimates that nearly 32,000 million in guarantees assigned by the State have not been distributed and will have to be reassigned in a kind of financial recall as of Wednesday.

The regulations that regulate the ICO aid plan establish that this redistribution will be made based on the amount of guarantees granted by banks in recent months. This limits competition between entities, since the first allocation was made based on the market share in credit to companies in each group.

Financial sources explain that the big banks -although each at their own pace- have been granting guarantees among their regular customers and do not expect major changes in market shares in what would be the first financial division. However, there are smaller entities, subsidiaries of international banks in Spain or payment companies that have not wanted or been able to meet their quota because they did not have the resources of the large ones to quickly process the guarantees and who will now lose their rights. .

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