Southwest region witnesses significant surge in corporate bankruptcies
In a recent announcement, the Statistical Office of Baden-Württemberg (Statistisches Landesamt Baden-Württemberg) has reported a significant increase in insolvency proceedings among private creditors and companies in the region in 2024.
According to data published by the office, which is located in Fellbach near Stuttgart, a total of 21,812 insolvency proceedings were initiated against companies throughout Germany in 2024. The construction industry was the most affected sector, with 439 applications, while the retail sector came in second with 356 applications.
The rise in corporate insolvencies in Baden-Württemberg was particularly noteworthy, with a 30.4% increase compared to the previous year. This translated to 2,445 filings in 2024. In addition, a total of 10,886 private debtors filed for the opening of an insolvency procedure, marking an increase of 15.4% compared to the previous year.
The claims from these private debtor insolvencies amounted to over one billion euros, while the expected claims of creditors from the corporate insolvencies amounted to over four billion euros. It is important to note that 776 of the insolvency proceedings in Baden-Württemberg were rejected due to lack of assets.
The Statistical Office of Baden-Württemberg made this announcement, highlighting the concerning trend of corporate insolvencies in the region. The office is a reputable institution that publishes data on various aspects of the economy in Baden-Württemberg.
The national average increase in corporate insolvencies in 2024 was 22.4%, making the increase in Baden-Württemberg even more notable. The article about this increase in corporate insolvencies was published by the Staatsanzeiger.
Fellbach, where the Statistical Office is located, is a town in the state of Baden-Württemberg. The data presented by the office underscores the challenges faced by businesses in the region and the need for continued support and recovery efforts.
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