High energy costs: Creditreform criticizes poor payment behavior among companies and expects a wave of bankruptcies

According to the credit agency Creditreform, rising energy costs are to blame for companies paying their bills late or not at all.

High energy costs: Creditreform criticizes poor payment behavior among companies and expects a wave of bankruptcies

According to the credit agency Creditreform, rising energy costs are to blame for companies paying their bills late or not at all. "The default risk for companies is currently increasing almost every week," said the head of economic research at Creditreform, Patrik-Ludwig Hantzsch, of the "Neue Osnabrücker Zeitung". Although Hatzsch no longer expects a "wave of insolvencies" in the economy this year, he does expect a trend reversal in the insolvency situation, which has been declining so far. In other words: at the beginning of the coming year, Germany will probably see significantly more company bankruptcies.

According to the information, more than 2.1 million overdue invoices were paid nationwide, and around 280,000 companies paid significantly late. "It doesn't matter whether it's a small, medium-sized or large corporation, companies of all sizes are currently making their lenders wait longer and beyond the payment deadline for the receipt of the money," said Hantzsch. The construction industry is particularly affected. "This is remarkable in that it was also an economic driver during the corona pandemic," said Hantzsch.

He assumes "that we will then see a sharp increase in insolvencies in Germany in the first quarter of 2023," predicted Hantzsch. However, according to the head of economic research, it is "right and important" for companies to go bankrupt again. An economy based on free market principles cannot stand "if all companies are kept alive no matter what".

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