Alarming numbers: Austria's bankruptcy 2024 go beyond all records!

Alarming numbers: Austria's bankruptcy 2024 go beyond all records!

Wien, Österreich - In 2024, Austria experienced a worrying extent of corporate insolvencies. According to current reports, 6,550 companies had to register bankruptcy by the end of the third quarter, which corresponds to an alarming increase of 22 percent compared to the previous year. The situation in Lower Austria is particularly serious, where 1,104 bankruptcies were registered, which is the slightest increase in the federal states comparison. Karl-Heinz Götze, head of the bankruptcy department at the Credit Protection Association of 1870, emphasizes that the pressure on companies remains enormous, especially in retail, construction industry and in the hospitality industry. In view of the current developments, the year will probably end with around 6,500 bankruptcies, such as noen.at reported.

Another trending trend is the increase in large insolvencies, which have more than doubled compared to the previous year. 60 companies already recorded liabilities of over 10 million euros, which is a dramatic turn for the Austrian bankruptcy events. The preliminary liabilities are now around 15.4 billion euros, which means an astonishing increase of 713 percent. The number of employees concerned has also increased significantly; Around 18,800 people are currently directly affected, as can be seen from the numbers of the KSV1870. These are worrying 37 percent of all bankruptcies that have not been opened, which has serious consequences for creditors, since in these cases they are often empty, so ksv.at .

Special developments in private bankruptcies

In the area of ​​private bankruptcies, the numbers also show a worrying trend with 6,692 debt regulation procedures, which means 24 bankruptcies per day. The ratio remains at the previous year's level, while the preliminary liabilities rose by 9 percent. In this context, Vienna is again affected the most affected, followed by Lower Austria and Upper Austria. Mmag. Karl-Heinz Götze warns that people are increasingly forced to seek professional help in view of the increasing livelihood and economic uncertainty in order to get their financial difficulties under control. The current economic burdens could lead to a significant increase in private bankruptcies in the near future. These alarming trends warn for caution and require urgent measures to protect companies and persons affected.