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The number of bankruptcies in North Rhine-Westphalia could rise to around 10,000, warned the Crifbürgel credit agency on Friday.
That would be more than twice as many as in 2020. Crifbürgel managing director Frank Schlein even considers 35,500 company insolvencies to be possible, after 15,865 in the previous year.
"Due to the Corona crisis, many companies in Germany are currently facing economic problems," said Schlein.
Over 300,000 companies are currently in financial difficulties.
However, this has not yet been reflected in the insolvency figures.
On the contrary: According to Crifbürgel, only 15,865 companies filed for bankruptcy in Germany last year, 16.5 percent fewer than in the previous year.
In North Rhine-Westphalia, the number of bankruptcies fell by 20.7 percent to 4,357.
The main reason for this development is the suspension of the obligation to file for insolvency in combination with the numerous aid packages for the companies.
Effects of the pandemic visible
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Schlein emphasized that the effects of the pandemic on the economy would only gradually become fully visible - this year and next.
In addition to the "normal" insolvency events, according to the credit agency, there is a threat of almost 4,500 additional insolvencies in North Rhine-Westphalia alone.
Schlein even fears around 16,500 additional company bankruptcies nationwide.
The highest bankruptcy density was in Bremen in 2020 with 100 bankruptcies per 10,000 companies.
The national average was 48 bankruptcies per 10,000 companies.
Last year there were the fewest bankruptcies in Thuringia with 31 bankruptcies per 10,000 companies.