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Wave of bankruptcies rolls on: another sad record

In addition to Fisker, by far the biggest chunk, the construction industry in particular continues to cause concern.

(Bild: APA/TANJA UNGERBÖCK)

The insolvency statistics for the first three quarters show a new high for Styria. Starting from the already deep red level of the previous year, the economic downturn has now driven even more companies into insolvency. By far the largest bankruptcy is that of Fisker-GmbH.

The bare figures speak volumes: 19.4 percent increase in company insolvencies compared to the already alarming year 2023, 1.84 billion euros in total liabilities in Styria in the first three quarters (the lion's share of which is attributable to Fisker), 1742 jobs at risk.

Ten bankruptcies per week
This year, an average of ten Styrian companies have gone bankrupt every week. In absolute figures, this amounts to 382 domestic companies from January to September, and the figures for 2019 (387) and 2018 (408) are likely to be exceeded as early as October, according to the latest statistics from the Alpine Creditors' Association (AKV).

Fisker alone accounts for 1.5 billion euros
The Fisker bankruptcy at the beginning of May is a special case. Of the 1.84 billion euros in total liabilities that the AKV statistics show for our province, no less than 1.54 billion is attributable to the failed e-car manufacturer based in Graz. Creditors had even registered claims amounting to 3.8 billion euros.

Problem children: construction, retail, gastronomy
Most employees were affected by the insolvency of the Upper Styrian sports retailer geomix AG with 74. This was followed by Dynamic Assembly Machines Anlagenbau in Gleisdorf with 57 employees. The Fisker bankruptcy took "only" 47 jobs with it. The sectors most affected were once again the construction sector with 95 insolvencies, followed by retail (89) and gastronomy (64).

The three biggest Styrian bankruptcies

• Fisker GmbH: 1.5 billion euros in liabilities according to AKV
• geomix AG: 36.4 million euros
• Dynamic Assembly Machines: 14.9 million euros

The situation is hardly any better in the private sector either, with the third negative record year in a row looming. By the end of September, 761 private bankruptcies had been opened in Styria, and the high of 1049 proceedings in 2022 as a whole could be exceeded. Private bankruptcy proceedings have been available since 1995, with the highest annual figures recorded in Styria in the past two years.

Private individuals on average over 100,000 euros in debt
The average debt of private individuals is 108,600 euros - the older the person, the higher the amount. And: 61 percent of private insolvencies affect men, who also have far higher liabilities (138,100 euros compared to 62,400 euros for women).

The insolvency figures are also deep red throughout Austria, as the interactive graphic from the AKV shows:

A record number of insolvencies is also emerging across Austria. Last year's record figure of 3364 bankruptcies is set to fall in October, with more than 3000 companies already insolvent. There were increases in all nine federal states.