Decrease in company insolvencies continues

According to the Federal Statistical Office, a further decline in company insolvencies was registered by local courts in August 2007. Even though there were insolvency proceedings in 13.985 cases (+1.2% as compared to the same period in 2006), only 2447 of these regarded companies (-12.8% as compared to August 2006).

Receivables by creditors amounted to 2.5 billion Euros in August which is 6.4% less than in August last year. Although only about one fifth of all insolvency cases were company insolvencies, almost 60% of all claims were related to businesses.

In the period from January to August 2007 the number of business insolvencies amounted to 19.020 cases (-13.5%) while that of private consumers was 70.695 (+16.8%). In total there were 110.486 insolvencies registered by courts which was 7.3% more than in the same period last year.

All these figures do not include North Rhine-Westphalia given that this Federal Land has announced to correct its 2006 figures. GERMAN