Number of company insolvencies keeps falling

According to the Federal Statistical Office, German local district courts reported 9442 private consumer insolvencies and 2732 company insolvencies in October 2007. Thus, private insolvencies increased only slightly in October (+0.9%) while a trend of less companies going bankrupt was continuing (-10.3% in October 2007).

In total, courts registered 14,703 insolvencies in October which is 3.1% less than in October 2006. Claims by creditors amounted to 2.7 billion Euros in October, according to the courts. Even though only about 20% of all insolvencies are company insolvencies, these account for about 55% of all claims.

The above figures are based on the findings in just 13 Federal Laender. North Rhine-Westphalia and Saarland announced a correction of their insolvency figures for 2006. Furthermore, there was a mistake in the calculation of the insolvency figures for Hamburg in the second half of 2006 so that these three Federal Laender are not included in the overall German insolvency calculation for the time being. GERMAN