Saxony: Saxony records an increase in insolvencies in 2022

Dresden/Neuss (dpa/sn) - As in many other federal states, more insolvencies were recorded in Saxony in 2022 than in the previous year.

Saxony: Saxony records an increase in insolvencies in 2022

Dresden/Neuss (dpa/sn) - As in many other federal states, more insolvencies were recorded in Saxony in 2022 than in the previous year. According to a report by the credit agency Creditreform published on Tuesday, 45 out of 10,000 companies in the Free State filed for bankruptcy this year. According to this, the rate in Saxony in the previous year was 39 out of 10,000 companies.

For the first time since the global financial crisis in 2009, Creditreform noticed an increase in company bankruptcies nationwide. "Persistent inflation, rising interest rates and energy costs as well as an increasingly tough competitive situation are affecting the substance of many companies," said Patrik Ludwig Hantzsch, Head of Creditreform Economic Research. There were a total of 14,700 corporate insolvencies this year - 570 or 4.0 percent more than in 2021. An estimated 175,000 employees were directly affected this year - 34,000 more than in 2021.

According to the information, major insolvencies in particular have increased - above all the recent insolvency of Europe's largest department store group Galeria Karstadt Kaufhof with its around 17,000 employees.

Creditreform offers business information and debt collection services worldwide. According to the company, it has national companies in 22 European countries and in China.