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In the first three quarters of 2023, a total of 402 corporate insolvencies were filed in the state of Upper Austria, of which 37 were opened as restructuring proceedings (including one with self-administration) and 210 as bankruptcy proceedings (247 in total). A small increase of one percent; in the same period last year there were 398 applications. There was an increase of 12.8% in the number of proceedings opened (2023: 247, 2022: 219), which is slightly below the Austrian average (+ 13.65%).
- You can read about the legal provisions and how much creditors can expect in insolvency proceedings here.
There were 4,059 company bankruptcies throughout Austria this year, almost 13 percent more than the previous year. This is a record high in the last five years. The industry statistics are led by the trade and vehicle repair sector, followed by the construction industry and the accommodation and catering sector.
- According to AKV, the largest insolvency proceedings in Upper Austria are those of “Zentrasport Österreich e.Gen”. Around 67 million euros in liabilities have been registered in this proceedings so far. 131 employees are affected. You can read more about the background here.
- The registration deadline in the proceedings regarding the assets of “mglass gmbh” has not yet expired. The debtor itself assumes liabilities of around 32 million euros. Read here how the glass facade specialist MGlass will continue to operate.
- With the bankruptcies of “Hitzinger Electric Power GmbH” (approx. 25 million euros), “RTi Austria GmbH” (approx. 21.5 million euros), “BMM Sports GmbH” (approx. 11.5 million euros) and “Hochrieser GmbH” (approx. 10 million euros) there are four other proceedings in Upper Austria in which the expected or registered liabilities are in the double-digit million range. You can read details about the bankruptcy of the power system manufacturer Hitzinger here.
Personal bankruptcies: Men have higher debts
In the area of private insolvencies, an increase in the number of proceedings opened by 14.1% has been recorded in Upper Austria so far this year. In concrete terms, this means an increase from 864 to 986 debt settlement proceedings opened compared to the comparable period. In 613 cases (2022: 568) the debtor is male and in 373 (2022: 296) it is female.
The average debt is around 97,500 euros. According to AKV, male debtors have a significantly higher average of around 121,000 euros. The average debt for female debtors is 59,500 euros. As in recent years, most of the insolvency cases (480; 2022: 407) are recorded in the age category of debtors aged 40 to 59.
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