Fighting for every euro

Company bankruptcies increased by 82.4 percent

According to KSV1870, the construction industry, retail, catering and accommodation businesses are particularly affected.

A frequently deteriorating business situation, falling sales and a lack of orders have led to a significant increase in the number of insolvencies in the first half of 2024. "Economic pressure is increasing and Vorarlberg's companies are having to fight for every euro. The situation is coming to a head for more and more companies," explains Regina Nesensohn, Head of the KSV1870 Feldkirch office. In the first half of the year, Vorarlberg recorded 93 company bankruptcies, which corresponds to an increase of 82.4 percent compared to the same period last year.

There are problems above all in the construction industry, where 18 bankruptcies (+12 cases) have been recorded to date. This is closely followed by car repair shops with 16 insolvencies (+ 4 cases). In addition, ten accommodation and catering businesses had to file for insolvency - four fewer than in the first half of 2023. "These three sectors have set the tone in the insolvency statistics for many years and are responsible for almost half of all cases," says Nesensohn. In view of the high price level in Austria, for example for energy, these sectors are suffering in particular.

The losses for creditors have increased significantly compared to the previous year. A total of around 80 million was claimed by the bankrupt companies. According to Nesensohn, the 220% increase was caused by three multi-million bankruptcies (König, Inside96 and Fleco Metallbau) in the first half of 2024.

80 million euros

were claimed by creditors in the first half of the year. König alone reported 21 million euros in liabilities.

140 bankruptcies expected by the end of the year
The KSV1870 expert assumes that the number of corporate insolvencies will remain at a similarly high level in the coming months. "It is to be expected that we will have to talk about an insolvency year in December 2024 that has not been seen for a long time in the recent past," predicts Nesensohn. She expects at least 140 company bankruptcies by the end of the year.