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More corporate insolvencies in Hamburg

After two years of declining numbers, there were more corporate insolvencies in Hamburg in 2022 than in the previous year.

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More corporate insolvencies in Hamburg

After two years of declining numbers, there were more corporate insolvencies in Hamburg in 2022 than in the previous year. The insolvency court reported 543 decided applications for corporate insolvency, said the Statistics Office North on Wednesday. These are 55 cases or eleven percent more than in 2021. However, the number of cases was still lower than directly before the corona pandemic in 2019 (746 cases) and in the first corona year 2020 (561 cases). Even in a longer-term comparison, the number of corporate insolvencies was low: According to the information, an average of 775 insolvent companies per year were reported in the Hanseatic city between 2012 and 2021.

In a regional comparison, the district of Hamburg-Mitte was hardest hit with 154 company insolvencies and average claims of 1.65 million euros per insolvent company. For insolvent companies based in the Bergedorf district, on the other hand, only 22 insolvency applications were decided. The average claims per company insolvency were also comparatively low at EUR 278,000. Only for companies from the Wandsbek district were the average claims even lower (EUR 237,000).

The number of consumer bankruptcies last year was three percent higher than the average for the past ten years. For 2022, the Hamburg insolvency court reported 2,085 applications from private individuals for consumer bankruptcy. Compared to 2021, the number of consumer bankruptcies fell by eight percent. In 2021, however, a catch-up effect is likely to have led to numerous applications for consumer bankruptcy. Many of those affected have probably postponed their application for insolvency in 2020 and submitted it in 2021 in order to benefit from an expected shortening of the residual debt discharge procedure. On average, an insolvent person owed 34,000 euros.

The number of unemployed fell minimally in Hamburg in February. Compared to the previous month, it fell by 69 or 0.1 percent to 78,740, as the head of the Hamburg Employment Agency, Sönke Fock, said on Wednesday. The unemployment rate remained unchanged from the previous month at 7.3 percent. A year ago it was 6.8 percent.

Despite a "quite high" unemployment rate, the Hamburg job market is "consistently positive" overall, said Fock. Employment in Hamburg companies increased by 2.9 percent to 1,058,200 within a year. "Despite the existing demand for workers and skilled workers, I assume that employment in Hamburg will continue to rise, but that regional unemployment will not decrease to the same extent."

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