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Firm bankruptcy rising again

The number of insolvencies among firms has increased for the first time in two years rising by 50 per cent in Burgenalnd alone.

However there was a slight drop in the number of personal bankruptcies, according to figures released by the association of creditors Creditreform.

According to these figures, the number of corporate insolvencies went up 1.2 percent to 6,266 and the number of open cases has shot up 6,2 percent to 3,492. in 2,774 cases minus 4,5 percent the insolvency applications were rejected for lack of assets to cover the costs.

One in six cases were opened as reorganisation processes and offered the indebted company a second chance. The financial liabilities amounted to around three billion Euros. Some 22,000 jobs were affected.

Creditreform boss Rainer Kubicki said: "From a creditor's point of view, we have to welcome the drop in cases which are abandoned for lack of assets. The reason for this is a successful insolvency reform."

Insolvencies shot up in Burgenland (50.6 percent), Salzburg (6,1 percent) and in Carinthia (5,4 percent) the most. In Tirol (minus 3,7 percent), Vorarlberg (minus 3,3 percent) and Upper-Austria (minus 2,1 percent) the number of insolvencies fell.

Proportionally, there were the most cases in Vienna with 23 insolvencies for every 1,000 company. The Austrian average is 17 cases per 1,000 companies.

There was a clear recovery of personal bankruptcies last year, figures going back 2,9 percent to 10,545 cases. The number of judicial debt regulation procedure stagnated (9,508 cases), the number of cases abandoned for lack of assets went back 18,2 percent to only 1,037 cases.

In one in two cases, the reason for insolvency is a income-deterioration following redundancy or a period of leave. A good third of the insolvencies can be traced back to unsuccessful self-employed workers. The main creditors are banks, telecommunications firms and leasing companies. The average indebtedness lies at 70,000 Euros.

The national comparison shows that Vienna proportionally has twice as many cases of private insolvencies per habitant as the national average. More than 30 out of 10,000 Viennese adults were insolvent in 2012. Creditreform names joblessness as the reason for this.

These statistics are to be taken with a pinch of salt. Last December the creditors' protection association (Kreditschutzverband 1870) had also published their insolvency statistics figures varying widely from that of the Creditreform.

For example, the Kreditschutzverband had spoken of an average indebtedness of 55,000 Euros for personal insolvencies for the Creditreform, that's 70,000 Euros. Kreditschutzverband had counted 6,010 corporate insolvencies (Creditreform: 6,266) and 9,629 private cases (10,545). The Kreditschutzverband reckons there were 34 percent more corporate insolvencies in Burgenland last year 50,6 percent for Creditreform.

Vienna Times






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Creditreform  Kreditschutzverband  indebtedness  Euros  Austria  rising  insolvencies  Burgenalnd  Vienna  corporate  Proportionally  statistics  percent  shot  national  lack  assets  bankruptcies  creditors  personal


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