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German Business Bankruptcies Slide

Tuesday, 6 Feb 2007 | 4:18 AM ET

The number of German companies filing for bankruptcy in November fell, the national Federal Statistics Office said Tuesday, even as the number of private households seeking similar protection rose.

Some 2,326 companies filed for insolvency in November, continuing the almost two-year downward trend in corporate insolvencies in Germany and bringing the year-to-date tally to 28,046. That's down 17% compared with the January-November 2005 period.

But bankruptcies among private German households continued to rise.

In November, the last month for which complete figures are available, 9,087 households sought protection, up 31% from November 2005. For the year-to-date, 84,227 German households sought bankruptcy protection, up 36% from the same period in 2005.

Total insolvencies in November, including businesses, consumers and the formerly self-employed, rose 14.4% to 14,249. In the first 11 months of 2006, the figure rose 14.3% to 141,490.

Total claims for creditors for unpaid debts declined in the 11 months to November 2006 to 31 billion euros ($40.07 billion) from 33.2 billion euros in 2005.

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