Spike in Corporate Insolvencies in Austria: Retail, Construction, and Hospitality Sectors Hit Hard
Austria is witnessing a significant rise in corporate insolvencies, with a 13% increase in insolvency filings in 2023 compared to the previous year, according to Austrian credit protection association KSV1870. This surge has led to 5,401 companies facing insolvency, averaging 15 company bankruptcies per day, a number not seen in a decade. A substantial contributor to this trend is the collapse of Signa Holding GmbH, which accounted for around 5 billion euros in liabilities.
Impact Across Sectors
Sectors notably impacted include trade, construction, and the hotel and gastronomy industries. Trade, including vehicle maintenance and repair, s…
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