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Monday, August 8, 2022

Bankruptcies: The ebb is now followed by the tide

The announced wave of bankruptcies reached both private households and companies with some delay. Experts warn that the multiple crises will lead to high insolvency figures in the long term. For one important industry, the forecasts are particularly grim.

The debate about the galloping inflation is not losing momentum after the latest presentation of the July inflation figures (9.2 percent), on the contrary: some (a growing part of the population) groan under the price surges, others (the opposition, but also more and more voices within the federal government) are always asking for new utilities. While the government was discussing the design of an electricity price cap on Monday, the Creditreform association presented the insolvency statistics for the first half of the year.

Creditreform boss Gerhard Weinhofer warns that the development in both private (plus 36 percent compared to the previous year) and corporate insolvencies (plus 121 percent) gives cause for concern: “Austria is only at the beginning of a period of increasing private insolvencies, and a There is no end in sight.” Although the high numbers are not surprising in view of the catch-up effects caused by corona aid compared to the previous year, it is nevertheless clear that the much-cited wave of insolvencies, which many observers have already seen ebbing, is now hitting with full force.

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