Cost increase - Significantly more corporate insolvencies
More and more companies in North Rhine-Westphalia are running into difficulties due to economic downturns and high costs. In the third quarter of 2023, the local courts in the federal state reported 1,293 corporate insolvencies, around 41 percent more than in the same period last year, according to the state statistics office in Düsseldorf on Friday. Creditor claims totaling 1.5 billion euros were involved, more than twice as much as a year earlier (0.7 billion). The companies affected had around 7700 employees who had to fear for their jobs.
The credit agency Creditreform recently presented figures showing that NRW has been disproportionately affected by the wave of insolvencies in Germany. According to Creditreform, an average of 60 companies filed for insolvency for every 10,000 companies in Germany in the year just ended (previous year: 48). In North Rhine-Westphalia, however, the insolvency rate is 77, compared to 62 in 2022.
Information from IT.NRW
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- Despite the economic situation in North Rhine-Westphalia showing signs of corporate insolvency with a significant increase in insolvencies, the Company decided to expand its operations in Düsseldorf.
- The skew in the economic statistics, with North Rhine-Westphalia having a higher insolvency rate than the national average, has raised concerns among local policymakers and financial analysts.
- The state statistics office in Düsseldorf revealed that the commercial sector in North Rhine-Westphalia is facing economic weakness, with more companies than ever before filing for corporate insolvency.
- The company's headquarters located in Düsseldorf, a city in North Rhine-Westphalia, is concerned about the recent surge in corporate insolvencies in the region and its potential impact on the economic situation.
- The local banks and the state statistics office in Düsseldorf will need to collaborate to provide accurate insights into the skew in economic statistics and work towards preventing further corporate insolvencies in North Rhine-Westphalia.
Source: www.stern.de
