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The number of companies declaring bankruptcy in Germany rose significantly in August on an annual basis.
The Federal Statistical Office in Wiesbaden announced, based on preliminary data, that there was a 10.7% increase in bankruptcy cases before the courts on an annual basis.
According to the office’s data, there was no increase in bankruptcies of less than 10% this year except last June.
It remains unclear whether all recorded bankruptcies will actually lead to proceedings that are then included in official statistics.
According to these final results, 10,702 companies filed for bankruptcy in the first half of this year, including June, representing an increase of 24.9% compared to the first half of 2023.
The total outstanding debt of companies that started insolvency proceedings in the first half of this year amounted to 32.4 billion euros, up from 13.9 billion euros in the first half of the previous year. The majority of these cases were companies operating in the transport and storage sectors.
The data also indicated an increase in the number of temporary employment agencies and construction companies that declared bankruptcy.
35,371 individual bankruptcies were registered in the first half of this year, an increase of 6.7% compared to the same period last year.
Last month, the IWH Institute for Economic Research said the number of jobs affected by bankruptcies at these major companies had reached 10,000.
