After completion of the proceedings, the outstanding bankruptcy debt was 4.3 billion euro in 2010, of which 3.9 billion euro remained unpaid. In nearly one quarter of cases, creditors certainly or probably suffered losses. In one out of three concluded bankruptcies, the economic downturn was the main cause.
The number of bankruptcies of companies and institutions was more than three times as high in 2010 as in 2000. Corporate bankruptcies predominantly account for the increase. The number of corporate bankruptcies was three and a half times as high in 2010 as in 2000. In 35 percent of cases, the economic recession is the main cause for the increase in corporate bankruptcies. The number of one-man businesses going bankrupt due to the slumping economy rose by more than one third over the same period.
Mismanagement caused one and a half times as many companies to go bankrupt in 2010 as in 2000. In the period 2000-2010, the number of corporate bankruptcies due to mismanagement grew by 78 percent toe. The number of one-man businesses declared bankrupt as a result of mismanagement remained more or less stable.
Causes of concluded bankruptcies of companies and institutions
Unpaid debt in the case of suspected fraud
One quarter of the unpaid debt as a result of bankruptcies concluded in 2010 can be attributed to companies, which are or may be liable for causing financial losses to their creditors. Corporate bankruptcies involving fraud had an average unpaid debt of nearly 1 million euro, as against nearly 300 thousand euro for one-man businesses. During the entire period, the average unpaid debt of one-man businesses remains fairly stable. Corporate bankruptcies recorded an increase of 70 percent.
Concluded bankruptcies of companies and institutions by average fraud amount involved