The number of bankruptcies of German companies since the beginning of 2024 has reached 11 thousand, which is a record high for almost a whole decade. This is according to a study published by the German credit company Creditreform.
Creditreform recorded 11,000 company insolvencies in Germany in the first half of 2024. The figure increased by almost 30 per cent compared to the same period last year (8,470 cases) and was the highest in almost a decade.
According to Creditreform’s head of economic research Patrick-Ludwig Hantzsch, the reasons for the increase in bankruptcies of German firms were the effects of the 2023 recession, the ongoing crisis and the weak economic environment.
“All of these combined are breaking the necks of many companies,” Hantzsch said.
In addition, bankruptcies among individuals have also increased, with 35,400 cases recorded in the six-month period, up 6.7 per cent on last year.
“Corporate stability in Germany is currently more fragile than in many previous years”, – concluded the head of economic research Creditreform.
Recall, earlier, the FRG ambassador to Moscow Alexander Lambsdorf said in an interview with RND that Germany will have to co-operate with Russia despite the countries’ very different positions on fundamental issues.
