Business insolvencies up by 10 percent

Even though the current economic crisis has so far not affected the number of private consumer insolvencies, its effect on the number of business insolvencies has already been profound. Thus, according to the latest figures published by the Federal Statistical Office, the number of business insolvencies registered in the first quarter this year rose by 10 % on the first quarter last year. The overall number of insolvencies during this period increased by just 0.4%, given that the number of private insolvencies fell by 2.4%.

In total, lower district courts in Germany registered 39,004 insolvencies in the first quarter this year, 7,712 of which by businesses and 24,106 by private consumers.

In the first quarter unsettled claims by creditors amounted to 9.7 billion Euros as compared to 7.3 billion Euros in the respective period last year.

In March 2009, lower district courts registered 2,874 business insolvencies (+31.0 % on March in 2008) and 8,755 private consumer insolvencies (+15.2 %). In total, there were 14,216 insolvencies registered (+17.7 %). GERMAN