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The limit of 700 insolvencies per month has been reached or exceeded three times in the first nine months of 2023, creditors association Creditreform announced on Tuesday. These are three record levels that have never been reached before.
Compared to the previous year, the number of company bankruptcies (bankruptcies) increased by a large 11 percent to 5,466. The increase reached almost 20 percent, with 700 bankruptcies in September alone.
However, bankruptcies decreased significantly in September due to deficiencies in the organization of the affected companies; This resulted in a net decrease of 2.5 percent in September and only a slight increase (+1.5%) over the nine-month period. Creditreform concludes that the legally enforced liquidation of companies that do not meet the relevant requirements is gradually bearing fruit.
Overall, Creditreform expects almost 10,000 insolvency publications about companies this year; This figure will be just below the previous year’s figure (10,095). If you compare this figure with the averages of 2018 and 2019 or with the period before the Corona crisis, it means an increase of almost a quarter.
The sector most affected by bankruptcies is the construction sector, with a share of 15.1 percent. This likely reflects the emerging recession. According to the information obtained, wholesale and retail trade comes right behind with 14.2 percent. This is followed by management consultancies (11.6%) and the hospitality industry (10.5%).
If you go into more detail, you can see that in the processing industry, food producers increased by one third compared to the previous year, and in clothing, there was an increase of 27.5 percent. These are said to be major upheavals in manageable industries. Currently, relief is on the horizon only in sectors heavily affected by private consumption, which export-oriented companies are finding particularly difficult.
According to Creditreform, a cantonal comparison of the current year with the first nine months of 2018/2019 shows both significant decreases and enormous increases; For example, in the canton of Zurich there was an increase of 68.6 percent, while in Graubsunu, Glarus and Geneva. significant increases were seen. Admissions were recorded.
According to the information obtained, in the first nine months, bankruptcy publications regarding private individuals were almost 2 percent higher than the previous year. Creditreform predicts that more than 8,500 private bankruptcies will be declared by the end of the year, corresponding to a growth of 2.4 percent.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
