Business insolvencies down by 10.9% in May

In Germany the number of business insolvencies fell by 10.9% in May 2008 while private insolvencies were even down by 15.3%. In total municipal courts registered 12.023 insolvencies, 2317 of which by businesses and 7462 by private consumers. According to courts, the total volume of unsettled claims by creditors amounts to 2.6 billion Euros in May which is the same amount like in May last year.

From January to May 2008 the number of company insolvenies amounted to 12.245 (-8.2%) and that of private insolvencies to 40.366 (-10.5%). In total courts registered 64.464 insolvencies which was 9.7% less than in the same period in 2007. These figures were published today by the Federal Statistical Office. GERMAN