Increasing numbers of businesses and individuals in Thuringia are seeking bankruptcy protection - Businesses and individuals in Thuringia are turning to bankruptcy as economic struggles intensify
In the first half of 2022, Thuringia has witnessed a notable surge in insolvencies, according to the Statistical Office of Thuringia in Erfurt. The increase in insolvencies is attributed to a weak economy and a tense labor market.
The state has seen a significant increase in corporate insolvencies, with 169 companies filing for insolvency, an increase of 19 from the previous year. This figure includes the AE Group, an auto supplier based in Gerstungen, and Möve Mobility GmbH, the historic bicycle and e-bike producer from Mühlhausen. The AE Group's insolvency was due to increased energy and raw material prices and industry challenges, while Möve's insolvency threatens the future of e-bike production in Thuringia.
In addition, 23 industrial and 18 construction companies also filed for insolvency. The courts in Thuringia handle these insolvency cases.
The number of consumer insolvencies also increased by 11.6% in the first half of the year. On average, consumers were in debt of 60,175 euros per insolvency case. The claims against private debtors amounted to around 45.9 million euros. At the time of insolvency application, the financially struggling businesses in Thuringia still employed 1,268 workers.
The insolvencies in Thuringia amounted to approximately 142 million euros in expected creditor claims. Interestingly, 65% of all insolvency proceedings involved consumers. In total, the Thuringian courts decided on 1,173 insolvency proceedings, with 762 affecting consumers.
It's important to note that no specific increase or decrease in insolvency numbers was mentioned compared to previous data, and no information was provided about the employment status of the insolvent businesses or the number of workers affected.
This increase in insolvencies indicates financial distress in the businesses and households of Thuringia, signalling a challenging economic period for the state. Further analysis and support measures may be necessary to help businesses and consumers navigate these difficult times.
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