As figures from the insolvency statistics of the Alpine Creditors Association (AKV) show, company bankruptcies have increased in every federal state in the first six months of this year.
The largest increase was in Vorarlberg (plus 110 percent), Upper Austria is behind at 60.81 percent and significantly above the Austrian average of 35 percent. A total of 2,098 insolvencies were opened in Austria in the first half of the year. Upper Austria accounts for 238 cases.
A total of 376 applications were made to open proceedings, 138 of which were rejected by the insolvency court – for example because there were no assets to cover the costs. In 26 cases in Upper Austria, no share might be distributed to the creditors at all, as the AKV reports.
More than 1000 employees affected
The industry statistics for the first half of the year are led by the trade and vehicle repair sector with 49 insolvency proceedings opened, followed by the construction industry and the goods manufacturing sector. Around 1,150 employees have been affected by bankruptcies so far, with prominent cases including the jewelry retailer “Alphagold” and the window manufacturer “IPM Schober” from Thalheim near Wels.
While the total liabilities of insolvent companies amounted to 144 million euros in the first six months of the previous year, they have risen to around 190 million euros this year.
