Company insolvency figure down by 15 percent

According to the Federal Statistical Office, there were 16.265 company insolvencies pending at German local courts in the first half of this year which is 15.1 percent less than in the first half of last year. Thus, the positive trend which had already started last year is set to continue. However, the number of private insolvencies has increased by 41.5 percent to reach the figure of 43.761 in the first half of 2006.
According to local courts the estimated figure of unsettled claims by creditors reached 16.9 billion Euro over the first six months of 2006, whereas last year´s first-half figure was 18.3 billion Euro. Although only one fifth of all insolvencies are company insolvencies, they account for approximately 60 percent of all unsettled claims.
In June 2006 the reported number of company insolvencies stood at 2.419 (- 29,8%) and that of private insolvencies was 7.426 (+ 29,5 Prozent). Altogether local courts registered 12.426 insolvencies in June which are 3.2 percent more than in June 2005. GERMAN