Insolvency record in North Rhine -Westphalia: 13 percent more company bankruptcies!

Insolvency record in North Rhine -Westphalia: 13 percent more company bankruptcies!

In the third quarter of 2024, North Rhine-Westphalia experienced an alarming increase in corporate bankruptcies. According to the information and technical company North Rhine-Westphalia, 1,1461 bankruptcies were registered in the months from July to September, which corresponds to an increase of 13 percent compared to the previous year than was 1,293 procedures. This has been the highest number of corporate bankruptcies for seven years, a worrying development that also affects the number of employees concerned, which has risen to 7,696. The expected claims from these procedures amount to 1.7 billion euros, an increase of 8.7 percent compared to the same period last year, reports Lokalklick.eu .

The insolvency trend shows that the entire Federal Republic of Germany has experienced a dramatic increase in bankruptcies. In the third quarter of 2024, 3,991 bankruptcies of passenger and corporations were recorded, which is the highest value in the past 14 years. This compared to only 3,047 bankruptcies in the third quarter of the previous year, which corresponds to a terrifying increase of 31 percent. The increase in Bavaria was particularly pronounced with 56 percent and 42 percent in Baden-Württemberg. The head of IWH bankruptcy research, Steffen Müller, emphasizes that the current insolvency numbers reflect the after-effects of Corona pandemic when many companies were preserved from ruin through state aid, as the case of FTI Touristik shows. These numbers are also alarming because the jobs concerned rose by 44 percent, while in some industries the decline in bankruptcies could only be a snapshot, such as IWH-halle.de