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Corona crisis: credit agency expects wave of insolvencies in 2021

The credit agency Crif Bürgel expects a wave of bankruptcies in Germany this year due to the corona pandemic. The number of company bankruptcies could more than double compared to 2020. A total of 35,500 company insolvencies are possible, writes Crif-Bürgel managing director Frank Schlein.

“Due to the corona crisis, many companies in Germany are currently facing economic problems,” Schlein said. More than 300,000 companies are currently in financial difficulties. However, this has not yet been reflected in the insolvency figures.

On the contrary: According to Crif Bürgel, only 15,865 companies filed for bankruptcy in Germany last year – 16.5 percent less than in 2019. The main reason for this development is the suspension of the obligation to file for insolvency in combination with numerous aid packages for companies.

The effects of the pandemic on the economy would therefore only gradually become fully visible – this year and next, said Schlein. In addition to the “normal” bankruptcy events, around 16,500 additional bankruptcies were threatened. “Small businesses with fewer than ten employees are particularly affected,” Schlein said.

Follow just postponed

In the opinion of the credit agency, the negative consequences of the corona shutdown and the ongoing economic crisis would only be postponed. Creditors, i.e. suppliers or landlords, suffered from this in particular. They would have to fear that they would be left with their debts due to bankruptcy and that they would not get their money.

According to Crif Bürgel, companies from the gastronomy, tourism, entertainment, textile retail and stand construction industries are particularly at risk of insolvency.

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