Due to the effects of the coronavirus, numerous German companies unexpectedly got into economic difficulties.
Experts fear a wave of bankruptcies.
With the outbreak of the
coronavirus
, many
companies
suddenly had to struggle with problems.
The
bankruptcy
threatened, but
measures of the Federal Government
prevented a
wave of bankruptcies
.
But with a delay, this could
hit
the
German economy
massively.
Berlin - The
corona crisis
has put many
companies
in a
situation
that
threatened their
very
existence
.
Nevertheless, the number of
bankruptcy registrations
in Germany is
currently falling
.
According to the
Federal Statistical Office
, the numbers of bankruptcies are below the values of the previous year.
In April of this year there were 13.3 percent fewer
corporate insolvencies
than in the same month of 2019. Almost ten percent fewer companies went bankrupt in May than a year earlier, and according to preliminary calculations, the decline was even more pronounced in June at almost 30 percent.
Corona: Obligation to file for insolvency suspended for companies - but the bankruptcy wave threatens
But appearances are deceptive.
In many places, the
suspension of the
obligation to
file for insolvency
saved
ailing businesses from collapse.
For example, companies in this country do not currently have to report their over-indebtedness or insolvency to the court if these were caused by the
corona pandemic
*
and its effects on the German economy.
With this measure, the Federal Ministry of Justice hopes to have a suspensive effect, which should give the affected companies some air.
With government support, remedial efforts are to be promoted.
Even if the relevant law is currently limited to the end of September, an extension of the regulation is imminent.
The federal government recently decided to extend this to December 31 - but only for over-indebted, but not insolvent companies.
"The #Corona pandemic has not yet been overcome," said BM Lambrecht.
"The uncertainty is causing problems for many companies. That is why we decided today in the cabinet to extend the suspension of the obligation to file for insolvency to a limited extent." Https://t.co/rJ1dqcBsdk
- Federal Ministry of Justice and Consumer Protection (@BMJV_Bund) September 2, 2020
Economic experts: 90 percent of insolvent companies face bankruptcy proceedings
This
threatens a
wave of bankruptcies of
unimaginable proportions
from October
.
According to estimates by the credit reporting agency Creditreform, this drives around
90 percent
of German companies that are
insolvent
into
insolvency proceedings
.
“The previous trend will reverse in the fourth quarter.
From then on, a significant increase in insolvency cases can be assumed, ”said Creditreform Managing Director Volker Ulbricht in front of the Düsseldorf Economic Journalistic Association (WPV), describing his fears.
Ulbricht believes that the bankruptcy wave will
predominantly
affect
small and medium-sized companies
.
As far as the industries are concerned, Creditreform believes that companies from the
entertainment sector
as well as
travel agencies
and
hotels are
facing the end.
Finance Minister Olaf Scholz reassures: "We have the worst behind us"
In contrast,
Finance Minister Olaf Scholz
sees
light at the end of the tunnel.
The
SPD
politician is of the opinion that the German economy will soon have overcome the slump caused by the Corona crisis.
"At the moment there is a lot of evidence that the worst is behind us and that the economy is gradually improving,"
the
SPD
*
candidate for chancellor
predicted
to the "Neue Osnabrücker Zeitung".
According to Scholz, the measures to stabilize and stimulate the economy are taking effect and are having a better effect than initially hoped.
It is true that Germany is far from over the mountain and has not yet defeated the virus.
But the Vice Chancellor is optimistic “that by the end of next year, at the beginning of 2022, we will return to the level we had before the crisis”.
(kh) * Merkur.de is part of the nationwide Ippen-Digital editorial network
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