Austria is heading for another record year of corporate bankruptcies. By mid-year, the number of company insolvencies was 8.9 percent higher than in the same period last year, according to creditor representative Creditreform, which released the figures on Wednesday. A total of 2,170 insolvency proceedings were opened, and another 1,500 were dismissed due to lack of assets. “There have never been this many insolvencies in the history of the Second Republic,” said Creditreform Managing Director Gerhard Weinhofer.
In total, the first half of the year saw debts amounting to approximately 5 billion euros and affected around 8,000 jobs. The insolvency with the most employees involved was Palmers Textil AG, with 515 affected workers, followed by Teufelberger with 186 and Tutic Bau with 169 employees.
In terms of debt volume, the Herkules Holding — part of the Signa group — topped the list with liabilities of 1.02 billion euros. It was followed by Signa Prime Capital Invest GmbH with 310 million euros and real estate developer Süba AG with 266 million euros. Other major developers like 6B47 and GR Real also ranked among the ten largest company failures.
