The number of insolventions of the company is increasing throughout Europe. In Austria, the Creditreform Credit Association even expects a record with a maximum of 7,500 bankruptcy companies. But René Benko towered: 25 to 30 billion euros in debts and 140 procedures make his Signa Group the largest bankruptcy in Europe.
Het is waarschijnlijk het grootste faillissement van het bedrijf “sinds het einde van de Tweede Wereldoorlog, met internationale effecten en een totaal van ongeveer 140 faillissementsprocedures in Oostenrijk, Duitsland, Luxemburg, Italië, Italië en Zwitserland. Alleen Duitsland zijn in Duitsland alleen al, de expert op het gebied van deskundige, de expert op het gebied van deskundige, de expert op het gebied van een beter bedrag” HET BETERENDE VERKOOPEN ” verwerkt.
Ask for new bankruptcy legislation
“One may have to expand the fact to dispute to private foundations, so that the creditors there also gain access to assets. Moreover, we need an insolvency law, that is, an insolvency manager than all procedures would handle.” This would have the whole overview – in the Signa case there is his own mass manager on the other hand for every larger former subsidiary, as well as that abroad, which makes things complicated and time -consuming.
But apart from this from the best, the number of insolventions of the company is increasing sharply. According to credit form, in the previous year, more than 190,000 companies gave up in 14 European countries, an increase of twelve percent. That was the highest level since 2013, the leader was Greece (+42 percent). Austria, however, also finished well above average with an increase from 23 to 6693 failed companies.
Situation is even intensified this year
And this year it looks even worse. In 1988, insolvency was registered in the 1st quarter, which was another 9.4 percent more than in the same period 2024. “That we can safely reach and exceed the last record year 2009 with around 7,200 cases. 7200 to 7500 procedures can be expected,” said Gerhard Weinhofer.
In particular, it is dramatic that 40 percent of the bankruptcies do not at all lead to a procedure because the company cannot even pay the costs of 4,000 euros. They are immediately liquidated, so the creditors lose their full demands. “Apparently the companies try to tear over the wheel to the end, but they are not successful and they drive to the wall with Karacho.”
Crisising industry cracks many suppliers
The reasons are that Austria is now in the recession for the first time in the second republic. Due to the particularly heavy crisis industry, a particularly large number of suppliers and service providers are also affected. From worries about the workplace, the Austrians also save 11.4 percent of their income – this also touches the trade. The escalating customs frame with the US continues to dampen expectations this year.
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.
