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Volume XII, Number 343


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"Bankruptcies by Industry," Excerpt from Trends in Large Corporate Bankruptcy and Financial Distress - Midyear 2022 Update

Bankruptcies by Industry

  • Bankruptcy filings decreased across most industries in 2021, including those industries with the most filings following the pandemic: Mining, Oil, and Gas; Retail Trade; Manufacturing; and Services.

  • In 1H 2022, bankruptcy filings across most industries continued to decline from mid-2020 pandemic highs.

  • Forecasts of a continued trend of increased bankruptcies in 2021 were disrupted by government stimulus programs, low borrowing rates, and high debt forbearance. Oil prices also rose by 55.8% in 2021, and surged another 43.1% in 1H 2022. Consumers spent $163 trillion in 2021, 7.9% and 3.8% higher than in 2020 and 2019, respectively.

30%: Percentage of bankruptcies filed in 1H 2022 by Finance, Insurance, and Real Estate companies.

  • Consistent with oil price and consumer spending increases, Mining, Oil, and Gas and Retail Trade bankruptcies, which together accounted for 48% of bankruptcies in 2020, declined to 21% in 2021 and 15% in 1H 2022.

  • While Retail Trade bankruptcies have declined, supply chain disruptions, rising inflation, labor shortages, and high debt burdens and interest rates have increased expectations for future Retail Trade bankruptcies among some commentators. Although classified as Manufacturing, cosmetics company Revlon Inc. filed for bankruptcy in June 2022, citing supply chain issues, combined with labor shortages and rising inflation.

  • A notable exception to the trend of substantially declining bankruptcies was Finance, Insurance, and Real Estate, which increased from 10 bankruptcies in 2020 to 15 in 2021, and remained elevated with six in 1H 2022—the most by any industry in 1H 2022.

  • Real estate investment remains challenged by struggles of traditional shopping centers and hotels, as well as changes in consumer and worker behavior, in the wake of the pandemic. In addition, signs of a potential global recession and high inflation have increased concerns for cryptocurrency and financial firms.

Read the full report here.

Copyright ©2022 Cornerstone ResearchNational Law Review, Volume XII, Number 252

About this Author

Allie Schwartz Financial Attorney Cornerstone Research New York, NY
Vice President

Allie Schwartz specializes in the valuation of securities and financial derivatives in the context of securities litigation, bankruptcy, and regulatory disputes. She also works extensively on issues affecting financial institutions, such as addressing allegations of anticompetitive behavior, insider and disruptive trading, hedging and risk management, and issues in consumer finance.

Dr. Schwartz has more than a decade of experience supporting experts through multiple stages of litigation, such as deposition, domestic and international arbitration, and trial. She has also provided...

JB Doyle Cornerstone Securities Analysis

J.B. Doyle consults on litigation and regulatory matters related to financial institutions and securities. In these areas, he has extensive experience with advanced statistical modeling and large datasets. Dr. Doyle has presented to regulators, and works with clients in all stages of commercial litigation, including class certification, affirmative and rebuttal reports, depositions, arbitration, and trial.

Dr. Doyle’s recent case topics and experience include:

Regulatory investigations


Nicholas D. Yavorsky Principal Cornerstone Research

Nick Yavorsky focuses on complex securities, financial institutions, and corporate transaction disputes. He provides accounting, valuation, and damages analyses to clients through all phases of litigation. His experience spans a range of topics, such as the financial crisis, failed financial institutions, financial accounting restatements, bankruptcy, due diligence, and public stock offerings.

Securities class actions  

Mr. Yavorsky has consulted on dozens of Rule 10b-5 and Section 11 class actions to...

Diego Vega San Martin Associate Cornerstone Research New York, NY


  • Washington University in St. Louis, Ph.D.
  • University of Chile, M.Sc.
  • University of Chile, B.S.