Strong Decline in Company Insolvencies

BusinessEconomy ♦ Published: September 28, 2011; 23:24 ♦ (Vindobona)

The number of private insolvencies rose rapidly from January to September, while the number of companies filing for bankruptcy dropped significantly.

Strong Decline in Company Insolvencies / Picture: ©

According to data of the Creditors’ Protection Association of 1870 (KSV), 2,477 Austrian enterprises had to file for bankruptcy in the first nine months of 2011. This corresponds to a 5.3% drop compared to the first three quarters of 2010. Approximately 15,700 employees were affected (minus 10%). The total amount of liabilities of insolvent companies even declined by 20% to €…