Closing A Business In Luxembourg
How often do entrepreneurs plan for the failure and closure of their business project when starting? Our attempt to answer this question led to our Business MeetUps event with Mr Alfendi Mohammed on the 15th of March at the Phenicia Restaurant in Luxembourg City. The event, as usual, was intended to inspire and inform budding entrepreneurs about the practicality of setting up, operating and closing a business in Luxembourg or becoming a sole-proprietor. According to a Statec report, in 2022, 1,050 companies were declared bankrupt, and 846 companies were put into liquidated.
Alfendi's restaurant and grocery business was one of the hundreds of businesses that went under in 2022. Therefore, his participation in the business discussion event offered others in attendance practical explanations on the seemingly complicated procedure required to close a company in Luxembourg.