Austrian Corporate Bankruptcies Surge in Jan.-Sept.
According to the association, 4,895 companies in the central European country are estimated to go bankrupt from January to September, totaling an average of around 18 bankruptcies per day. The total debts of bankrupt companies are expected to amount to 14.8 billion euros (16.5 billion U.S. dollars), up 683 percent year on year.
The number of bankrupt companies with debts exceeding 10 million euros will rise to 55 in the period, compared to 27 in the same period last year.
Karl-Heinz Goetze, head of KSV1870's insolvency department, said in a statement that economic pressure on Austrian companies had not eased during the summer with continued sluggish domestic consumption and exports. The situation, he said, will not improve in the coming months.
KSV1870 expects around 6,500 corporate bankruptcies for the whole year of 2024.
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