The number of companies declaring bankruptcy in Germany rose significantly in August on an annual basis.
The Federal Statistical Office announced today, Wednesday, in Wiesbaden (central Germany), based on preliminary data, that there was an increase in bankruptcy cases before the courts by 10.7% on an annual basis.
According to the office’s data, there was no increase in bankruptcies of less than 10% this year until last June.
It is still unclear if what All recorded bankruptcies would have effectively resulted in proceedings that would then be included in the official statistics.
According to these final results, 10,702 companies filed for bankruptcy in the first half of this year, including those who filed for bankruptcy in June, which represents an increase of 24.9% compared to the first half of last year.
The total outstanding debts of companies that started insolvency proceedings in the first half of this year amounted to 32.4 billion euros, after 13.9 billion euros in the first half of the previous year. The majority of these cases were companies operating in the transport and storage sectors.
The data also indicated an increase in the number of temporary employment agencies and construction companies that declared bankruptcy.
35,371 individual bankruptcies were registered in the first half of this year, an increase of 6.7% compared to the same period last year.
Last month, the IWH Institute for Economic Research said the number of jobs affected by bankruptcies at these major companies had reached 10,000.
The institute also explained that this significant increase in the number of bankruptcy cases includes all sectors, but was particularly strong in the industrial sector, as the number of industrial companies that declared bankruptcy last July reached 145 companies, compared to 100 companies last June.
