Creditreform: Relatively many company bankruptcies in Hamburg in 2023

Economic situation - Creditreform: Relatively many company bankruptcies in Hamburg in 2023

In Hamburg, the energy crisis, soaring material costs and rising interest rates have driven an above-average number of companies into insolvency this year. For 2023, the credit agency Creditreform expects 81 insolvencies per 10,000 companies in the Hanseatic city, compared to just 64 in the previous year. By comparison, the insolvency rate nationwide is 60, compared to 48 in the previous year, according to the Creditreform data presented in Frankfurt on Monday. This figure ranges from 40 in Thuringia to 120 in Bremen.

The credit agency did not provide detailed reasons for the regional insolvency figures. "Regional industry structures and different age structures of the companies are likely to be partly responsible for these differences," it simply said. There was also no regional information on details such as the number of employees affected or the level of payment defaults.

In Germany, Creditreform expects 18,100 companies to have filed for insolvency by the end of this year, 23.5 percent more than in 2022. "More and more companies are collapsing under the constant pressure of high energy prices and the interest rate turnaround," said Patrik-Ludwig Hantzsch, Head of Creditreform Economic Research.

Like other experts, Creditreform expects a further increase in company bankruptcies. "In these difficult economic conditions, the number of insolvencies will continue to rise significantly in the coming months," said Hantzsch. The number of cases has therefore almost normalized and the special effects from the corona period have largely evaporated. In order to avert a wave of bankruptcies as a result of the pandemic, the state had granted temporary exemptions. By 2022, insolvency figures had risen again for the first time since the 2009 economic crisis.

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1. Despite the higher insolvency rate in Hamburg, the situation in Thuringia is still more stable with just 40 company bankruptcies per 10,000 companies.
2. The energy crisis and rising material costs have significantly contributed to the increase in insolvencies in Hamburg, as mentioned by Patrik-Ludwig Hantzsch, Head of Creditreform Economic Research.
3. In Bremen, the highest insolvency rate of 120 per 10,000 companies is a concern for Creditreform, highlighting the stark economic contrasts across Germany.
4. Unsurprisingly, given the economic situation, Creditreform, a leading credit reference agency, anticipates a further surge in company bankruptcies across Germany in the coming months.
5. The energy crisis and interest rate hikes have turned the economic situation into a bottleneck for many companies in Frankfurt, leading to an increase in insolvencies this year.
6. The credit reference agency Creditreform, based in Hamburg, has been closely monitoring the economic impact of the energy crisis and rising material costs on businesses across Germany.
7. As a result of the energy crisis and rising interest rates, Creditreform, a prominent credit agency in Bremen, has reported a significant increase in insolvencies in the city, far surpassing the national average.

Source: www.stern.de