Private Insolvencies on the Rise

BusinessEconomy ♦ Published: March 12, 2012; 14:50 ♦ (Vindobona)

Long-term studies show that the number of private insolvencies is increasing in Austria. Since 2002, their number has tripled.

Private Insolvencies on the Rise / Picture: ©

In 2011, the creditor´s association (KSV 1870) registered 9,596 private insolvencies. A further rise is forecasted. In 2012, more than 10,000 cases are expected.

Especially male are affected, former independently employed persons and people in urban areas. Besides a failed independent employment and a reduction of the personal income, unemployment is the most important reason…