The Alpine Creditors Association (AKV) speaks of a “record bankruptcy year” in its insolvency statistics for 2024. The outlook is bleak as the recession continues.
“As feared, the decline in production and investment due to the real estate crisis has spread to the commercial and industrial sectors.” jobs. “The resulting uncertainty in the labor market in turn leads to cautious consumer behavior and an accelerating economic crisis.” This will also be reflected in the number of bankruptcies, at least until mid-2025.
Including the bankruptcies of companies rejected due to a lack of assets, there were 6,768 bankruptcies and 4,156 proceedings opened. An average of 346 insolvency proceedings were opened every month, more than 23 percent more than 280 in 2023. There is no relief in sight. According to the AKV count, the number of opened private bankruptcies remained stable at around 8,800.
The total number of corporate insolvencies opened in 2023 reached 3,369, having already been exceeded in October of the previous year. Of the bankruptcies that opened in 2024, 22,887 employees were directly affected.
Total liabilities almost 20 billion euros
A historic record was also reached in the area of debt at 19.55 billion euros. In 2023, the debts already amounted to 16.75 billion euros.
The negative top positions are occupied by KTM AG (2.74 billion euros in debt), Rene Benko (2.43 billion) and the private foundation of the Benko family (2.28 billion). This is followed by Fisker (1.54 billion), Signa Prime Holding (1.32 billion) and Signa Prime Beteiligung (0.83 billion). Furthermore, 2024 was marked by failed restructuring measures, with Kika/Leiner, Imfarr Beteiligungs GmbH, Windhager Group, as well as Signa Prime Selection and Signa Development Selection AG among the most prominent ‘victims’.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
