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Debt Group Increases Insolvency Forecast for Germany

The Federal Association of Debt Collection Agencies (BDIU) on Wednesday increased its forecast for the number of insolvencies in Germany this year. The group said at least 82,300 companies and individuals will have declared insolvency by year's end, a 66.4 percent increase over 2001. The hardest hit sectors appear to be the construction, retail, service and software industries. Only a few weeks ago, BDIU had estimated approximately 70,000 insolvencies this year.