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Austrian Business Insolvencies on the Rise

Published: September 20, 2012; 18:35 · (Vindobona)

In the first eight months of 2012, the number of insolvencies was up by 8.7% to 2,663.

Austrian Business Insolvencies on the Rise / Picture: © Flickr

What is more, the number of insolvency applications rose by 2.2% to 4,690, AKV (Federation of Austrian Creditors) stated. In total, 2,663 cases were opened.

Most insolvencies were registered in the trading segment (916 cases). The catering sector recorded 596 insolvent enterprises. The highest increase was observed in Salzburg (+84%), Burgenland (+35%) and Styria (+16%).

According to AKV, 120 enterprises and 208 individuals become insolvent per week. In the first eight months of 2012, 7,278 private insolvencies were registered. Total debts of insolvent enterprises reached € 2.71bn.