German insolvencies push up outstanding claims from creditors

Esprit Holdings

08/12/2020 09:30

BERLIN, Dec 8 (Reuters) - Despite a temporary suspension of
the obligation to file for insolvency this year, company
bankruptcies in Germany have caused significantly more damage to
creditors and cost more jobs, credit agency Creditreform said on
Tuesday.  
    Outstanding claims from insolvency creditors amount to 34
billion euros this year, up from 23.5 billion last year,
Creditreform said. The number of employees affected by
insolvencies has risen to 332,000 from 218,000 in 2019, it
added.
    Patrik-Ludwig Hantzsch, head of economic research at
Creditreform, predicted a sharp rise in corporate insolvencies
next year to around 24,000, the highest level since 2014.
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 (Reporting by Alexander Huebner
Writing by Paul Carrel
Editing by Riham Alkousaa)
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