Insolvencies among German businesses were up by almost 25% this year, credit bureau Creditreform said on Monday, as firms are grappling with rising energy prices, the ailing economy and the fallout from the coronavirus pandemic.
With no signs of improvement, the number of insolvencies is expected to rise to record levels in 2025, the credit bureau said.
“The surge is turning into a wave, and this will continue in 2025,” Creditreform managing director Bernd Bütow said.
The credit bureau expects a total of 22,400 companies to declare insolvency by the end of 2024, up from 17,814 cases the year before.
It would be the highest level since 2015, with 23,100 insolvencies.
“The crises of recent years are now…
