Business insolvencies up by 8.5 percent in July

In July the number of business insolvencies increased surprisingly fast by 8.5% as compared to July last year while insolvencies of private consumers fell by 8.2%. In total the number of insolvencies was down by 5.2% in July this year as compared to last year. In absolute figures there were 14,119 insolvencies reported to local courts, 2,760 of which by businesses and 8,919 by private consumers. Unsettled claims amounted to 2.5 billion Euros in July this year which is the same figure as in July 2007.

In the period from January to July 2008 the number of business insolvencies was 17,410 (-6.0%) and that of private consumers 57,385 (-9.5%). In total local courts were reported to 91,344 insolvencies which is 8.7% less than in the same period last year. GERMAN