The service sector was particularly affected, followed by the construction industry and trade. In trade, 1,199 insolvencies were registered, while business-related services recorded 1,091 and construction 1,062. The accommodation and food service sector was also badly affected with 827 bankruptcies. In contrast, the number of private insolvencies fell slightly by 1.0% to 9,634 proceedings.
Analysis of causes
Gerhard Weinhofer, Managing Director of Creditreform, attributes this development to several factors: “The multiple crises that have existed for years are claiming more and more victims among domestic companies.” He cites the tense economic situation in Germany, the most important trading partner, and high wage and energy…
