A complete of 1,091 firm insolvencies had been filed in Austria within the first quarter of this yr, the very best in 15 years, the AKV Europa creditor affiliation introduced Wednesday.
The creditor protectors assume that there might be greater than 4,000 insolvencies this yr and greater than 7,000 insolvency proceedings, together with insolvency rejections on account of lack of belongings, AKV mentioned in a press launch.
According to the most recent figures, the variety of company insolvencies rose by 35.01% in comparison with the identical interval final yr.
“The mix of inflation with increased energy prices and interest rates on loans, declining construction volumes and real estate investments, subdued demand for credit and a lack of economic growth is not only driving insolvency figures to exorbitant levels, but is also increasingly pushing larger companies with several hundred employees that are established on the market into insolvency,” the AKV said in its press launch.
The variety of staff affected by insolvency has risen by 63.95% to five,294, based on AKV.
As the AKV predicts, each the destructive financial situations and the developments of latest months will delay the disproportionately excessive variety of insolvencies.
The affiliation assumes that 2024 will see a peak within the variety of company insolvency proceedings.
Source: www.anews.com.tr
