Image: OÖN
585 companies applied for insolvency proceedings in Upper Austria in 2023: This corresponds to an increase of 7.73 percent year-on-year, as the creditor protector AKV reported. There were more cases in Vienna (1975), Lower Austria (1081) and Styria (638). In Austria, 5,575 applications for opening were submitted by companies.
More about developments in Austria:
Of the 360 proceedings opened in Upper Austria, 308 were bankruptcies and 52 were restructuring proceedings. Most of the cases occurred in retail, the construction industry and the catering industry. More than half of the proceedings were initiated at the debtor’s own request. That was different in 2022, when two thirds of the proceedings in Upper Austria were initiated at the request of creditors.
Of the 297 procedural cancellations, 82 were ended with the acceptance of a restructuring plan by the majority of creditors. The average rate was 33.3 percent.
The number of rejected applications for insolvency proceedings among companies was 225, a decrease of 4.66 percent.
In terms of liabilities, the insolvency of the Zentrasport cooperative based in Ohlsdorf was the largest insolvency at 56 million euros. This was followed by MGlass from Steyregg (43 million) and Hitzinger from Linz (25 million euros).
1,393 private individuals have applied for debt settlement proceedings, an increase of 7.4 percent.
Seven Signa bankruptcies
In Austria, the total liabilities from the company bankruptcies were 13.97 billion euros: These were driven by the seven bankruptcies from the Signa Group with 10.44 billion euros in liabilities. Of these, the Signa Holding was the largest at five billion euros. The AKV spoke of an “unprecedented explosive increase in total liabilities”.
more from economics
