Number of consumer insolvencies increasing

According to the Federal Statistical Office, the number of consumer insolvencies increased by 5.7% to 8,312 cases in September this year. The number of business insolvencies, on the other hand, fell by 0.5% to 13,115. Unsettled claims by creditors amounted to 2.8 billion Euros as compared to 2.2 billion Euros in September 2007.

In the period from January to September 2008 the number of insolvencies by private consumers amounted to 73,535 which is 8.7% less as compared to the same period last year and 22,222 business insolvencies (-5.7%). In total local courts registered 116,901 insolvencies which is 7.9% less than in the period from January to September 2007. GERMAN