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Business insolvencies down by 9.9 percent in November

The number of both business and private insolvencies fell in November 2008. Insolvencies by businesses decreased by 7.5% to 2,375 and those by private consumers by 10.7% to 7903 as compared to November 2007. In total, the number of insolvencies was down by 9.9% to 12,447. There were unsettled claims by creditors to the amount of 2.2 billion Euros. In November 2007 this figure had stood at 3.3 billion Euros.

In the period from January to November last year 90,009 consumers and 27,054 companies became insolvent which corresponds to a drop by 8.5% and 5.7% respectively as compared to the same period in the year 2007. GERMAN