A wave of bankruptcies is rolling through Austria: a record year is expected this year

The bad situation has been apparent for a long time, now it is clear: “The ongoing one economic slowdown led to a peak in the first three quarters of 2024 opened company bankruptcies and an increase of 26.35 percent compared to the previous one insolvency-rich previous year 2023“, says the AKV.

“The path to one Record bankruptcy year “This is also reflected in the fact that the 3,064 corporate bankruptcies opened in the first nine months are already higher than the figures for the entire years 2018 (2,981) and 2019 (3,045).”

Maximum number of bankruptcies

And it goes on to say: “The highest number of opened so far Corporate bankruptcies We will certainly exceed this figure from the full year 2023 (3,364) this year, probably as early as October 2024, although a slight leveling off has recently been recorded.

According to the AKV, there are worrying increases in all nine federal states, the highest in Vorarlberg (+ 65.31%) and Burgenland (+ 48.78%).

Bankruptcies worth billions in Austria

More than a third of Austrian company bankruptcies took place in Wien opened, with the 1,108 openings in this state being 30.35% higher than the previous year.

“The majority (56.95%) of corporate bankruptcies are initiated through creditor applications and therefore not through initiatives by the debtor companies,” it continues. “The total liabilities of 14.3 billion euros represent a historic high. This year again four bankruptcies with liabilities von more than 1 billion euros opened. In addition to three bankruptcies in the SIGNA Group, the Styrian electric vehicle producer Fisker GmbH also suffered a billion-dollar bankruptcy.”