German corporate insolvencies decline

6th October 2004, Comments 0 comments

6 October 2004 , WIESBADEN - German corporate insolvencies continue to decline, according to government data for July released Wednesday that also shows personal bankruptcies surged. The Federal Statistics Office in Wiesbaden said that insolvency courts reported 10,161 cases in July, up 10.6 percent from July 2003 levels. Corporate insolvencies, at 3,409, were down by 4.9 percent year- on-year, while the other insolvencies among private households and business partnerships surged 20.5 percent to 6,752, the

6 October 2004

WIESBADEN - German corporate insolvencies continue to decline, according to government data for July released Wednesday that also shows personal bankruptcies surged.

The Federal Statistics Office in Wiesbaden said that insolvency courts reported 10,161 cases in July, up 10.6 percent from July 2003 levels.

Corporate insolvencies, at 3,409, were down by 4.9 percent year- on-year, while the other insolvencies among private households and business partnerships surged 20.5 percent to 6,752, the office reported.

Reflecting a trend in which private households have gone deeper into debt in a tight and unemployment-ridden economy, the office data showed that consumer insolvencies in July, at 4,245, were 36.6 percent higher than in July 2003.

The same pattern was shown in the seven-month figures. Out of total insolvencies of 66,997 - up 14.1 percent over the January-July period last year - corporate insolvencies were down by 0.8 percent at 23,348.

All other insolvencies surged 24.1 percent in the first seven months this year to 43,649, with consumers accounting for 26,101 of the cases, 39 percent higher than the previous-year period.

DPA

Subject: German news

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