Germany is seeing a growing number of businesses and individuals apply for insolvency as well as declaring bankruptcy according to its Federal Statistics Office (Destatis), which published preliminary details from an annual report on Tuesday.
According to the office’s data, insolvency applications rose 22.4% in October 2023 as compared to October 2022. That number had been 19.5% in September.
Statisticians said they have consistently registered double-digit increases since June…The office added that these statistics only apply to those companies that go out of business within the framework of an orderly insolvency process and not those that are subject to forced bankruptcy due to inability to pay their bills or for other reasons.
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