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Business

Corporate Bankruptcies Drop Significantly

The number of corporate insolvencies in Germany in the first six months of this year sank significantly for the first time since 2000. At the same time, the number of personal bankruptcies shot up according to an insolvency report presented on Tuesday in Düsseldorf by economic research firm Creditreform. The report found that the number of corporate bankruptcies shrank in the first half of this year by 6.2 percent to 18,700. For the first time, western Germany too recorded fewer financial collapses among companies. Experts are predicting corporate insolvencies to drop to 38,000 for the entire year, a decrease of 3.2 percent. However, Creditreform's executive head, Helmut Rödl said they were expecting up to 580,000 jobs to be threatened through bankruptcies, adding there could be no talk of an "all-clear on the insolvency front." Referring to the record explosion of personal bankruptcies of 29,200 across Germany in the first half of the year, Rödl said joblessness, partner separations and illness were the main culprits for forcing people into debt. "The general business knowledge among large swathes of the population leaves much to be desired," Rödl added. "Several slip into bankruptcy without even realizing it."

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