2024-09-12 03:29:38
The number of corporate bankruptcies in Germany continues to rise rapidly. Creditors fear billions in losses.
In Germany, significantly more companies filed for bankruptcy in August than in the previous year. According to preliminary figures, 10.7 percent more cases were filed with the courts than in the same month last year, as reported by the Federal Statistical Office.
It is still unclear whether all the bankruptcies filed will actually result in proceedings that will then be included in the official statistics. According to these final results, there were 10,702 corporate bankruptcies filed in the first half of the year, including June. That was 24.9 percent more than in the first half of 2023.
The companies’ creditors are fighting for 32.4 billion euros, compared to 13.9 billion euros last year. On average, the insolvency proceedings have become more extensive. Companies in the transport and warehousing sectors are most affected. Temporary employment agencies and construction companies also frequently declare their insolvency. In the last six months, there was an increase of 6.7 percent in private bankruptcies, with 35,371 cases.