Statistics - Number of insolvent companies increases significantly
In the first nine months of the year, significantly more companies filed for insolvency in Rhineland-Palatinate than in the same period last year. The number of corporate insolvencies rose by around 19 percent to 529, as reported by the State Statistical Office in Bad Ems on Thursday. In the first three quarters of 2022, the figure was 444.
According to the report, each company had an average debt of around two million euros at the time of filing for insolvency. Around 2,800 jobs were at risk in the first nine months as a result of the insolvencies filed. Despite an increase in the number of insolvencies, this was around seven percent fewer jobs than in the same period last year.
According to the State Statistical Office, most insolvency applications were filed in the construction industry. Here, the number rose by 54 percent compared to the same period last year.
Press release
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- The increase in corporate insolvencies in Rhineland-Palatinate raises concerns about the financial health of local companies, as indicated by the statistics.
- To address the rising number of insolvencies, especially in the construction industry, the government might consider implementing strategies to alleviate company debts and promote financial stability.
- Bath Ems-based companies, along with others in Rhineland-Palatinate, should review their finances closely in light of the statistics on insolvency and corporate debt.
- The high average debt of over two million euros per insolvent company in Rhineland-Palatinate highlights the need for careful financial management and potentially seeking help if debts become unmanageable, such as through insolvency support services.
Source: www.stern.de
