Germany sees 2,373 company insolvencies in July

Germany recorded 2,373 company insolvencies in July, the highest number in a single month for 13 years, the Federal Statistical Office reported on Friday.

The figure was 8% higher than in the same month last year, continuing the trend seen in the first half of the year. 

A higher monthly figure was last recorded in July 2013, when there were 2,459 cases.

Insolvencies are only counted once the insolvency court has made an initial decision. In many cases, the applications were filed nearly three months earlier, the statisticians explained.

Insolvency cases smaller on average

Creditors' claims in the latest insolvency cases amounted to €21.9 billion ($24.6 billion), down from €31.8 billion a year earlier. This means that smaller companies have tended to be affected this year.

In the first seven months of the year, just under 43 out of every 10,000 companies became insolvent. The highest rate was recorded in transport and storage, with 86 cases per 10,000 companies, followed by hospitality with 70 and construction with 63.

The number of consumer insolvencies, meanwhile, fell slightly compared with the same month last year. The 7,111 cases represented a decline of 1%.