According to an analysis by the information service provider Crif, more and more companies in Germany have their backs to the wall. More than 300,000 companies in Germany are currently having financial problems, Crif found on the basis of an evaluation of data on almost three million companies published on Tuesday. Compared to March 2022, the number of bankruptcy candidates increased by 15.6 percent in November.
“The high energy costs, the existing problems in the supply chains and inflation are causing problems for many companies,” said Frank Schlein, Managing Director of Crif Germany. “In addition, there is the reluctance to spend among consumers, who have less money available due to high energy prices and inflation.”
Like other market observers, Crif also expects the number of company bankruptcies in Germany to increase in the current year. “We are currently assuming 14,500 company insolvencies in 2022. That is an increase of 3.6 percent compared to the same period last year,” predicted Schlein. A further increase in corporate insolvencies to 17,000 is to be expected in 2023.
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According to official information, last year there were 13,993 cases in Germany, fewer company bankruptcies than ever since the current insolvency code was introduced in 1999. The low number also had to do with special rules during the Corona crisis: to avert a wave of bankruptcies as a result of the pandemic , the state had temporarily suspended the obligation to file for insolvency in the event of over-indebtedness or insolvency. Since May 1, 2021, the obligation to file for insolvency has again applied in full. There were exceptions until January 31, 2022 for companies that suffered damage from heavy rain or flooding in summer 2021.
High inflation is massively reducing the budgets of many Germans. After all, some consumers will benefit from pension increases, more child benefits or the gas price brake from next year. That cushions the high additional expenses at least somewhat. FOCUS online shows what that means for you.
The mood in the construction industry is extremely bad, construction projects are being canceled because there is a lack of raw materials and skilled workers due to inflation and the energy crisis. Experts also warn of further rent increases and loss of prosperity.
The Federal Council has rejected the draft law for the controversial citizens’ allowance of the traffic light. A social worker in Berlin had asked for improvements on “Anne Will” on Sunday. FOCUS online has explained what is now important in the mediation committee from the point of view of the experts.
