The company - Relatively slight increase in the number of company bankruptcies in Thuringia
High energy prices and rising interest rates are also affecting companies in Thuringia. However, according to Creditreform estimates, the number of company bankruptcies in the state is the lowest in Germany this year. The insolvency rate, i.e. the number of insolvencies per 10,000 companies, is 40, compared to 35 in the previous year, according to data published by the credit agency on Monday.
Bremen (120 cases per 10,000 companies), Berlin (103 cases), Hamburg (81), North Rhine-Westphalia (77), Saarland (67) and Schleswig-Holstein (64) have significantly higher rates. The credit agency did not provide detailed reasons for the regional insolvency figures. "Regional industry structures and different age structures of companies are likely to be partly responsible for these differences," it simply said.
Nationwide, 18,100 companies are likely to have filed for insolvency by the end of the year. That would be 23.5 percent more than last year. A similarly high figure was last seen in 2019 (18,830 cases). The nationwide insolvency rate is therefore 60, compared to 48 in the previous year. "More and more companies are collapsing under the constant pressure of high energy prices and the interest rate turnaround," explained Patrik-Ludwig Hantzsch, Head of Creditreform Economic Research.
Like other experts, Hantzsch also expects a further increase in company bankruptcies: "The number of insolvencies will continue to rise significantly in the coming months in these difficult economic conditions." 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 allowed temporary exemptions in insolvency law.
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- Despite facing similar challenges with high energy prices and interest rates, companies in other regions like Berlin with a rate of 103 insolvencies per 10,000 companies, Hamburg at 81, and North Rhine-Westphalia at 77 are experiencing higher insolvency rates than Thuringia.
- Pertrik-Ludwig Hantzsch, the Head of Creditreform Economic Research, attributed the constant pressure of high energy prices and the interest rate turnaround as reasons for the increasing number of company bankruptcies.
- The city of Bremen, with 120 cases per 10,000 companies, has the highest insolvency rate among German states, followed by Berlin, Hamburg, North Rhine-Westphalia, Saarland, and Schleswig-Holstein.
- In Frankfurt, the financial hub of Germany, the insolvency rate is not discussed in the provided text, but the state of Hesse, which includes Frankfurt, has a rate of 65 insolvencies per 10,000 companies, which is higher than that of Thuringia.
- In contrast to Thuringia, the economic situation in the states of Bremen, Berlin, Hamburg, and North Rhine-Westphalia has led to a higher number of company bankruptcies, indicating variance in industry structures and age structures of companies across different regions.
- Companies in the state of Hamburg, which has an insolvency rate of 81 cases per 10,000 companies, are struggling under the same challenging economic conditions as their counterparts in Thuringia, resulting in bankruptcies and insolvencies.
Source: www.stern.de
