KSV informs

Tirol swims against the current of insolvencies

At Signa, "only" 100 million euros are currently at stake. However, the creditors want four billion.(Bild: Jöchl Martin)

In principle, Tirol would be on the right track - contrary to the general "Austrian trend". If it weren't for the biggest bankruptcy of the 2nd Republic - namely that of René Benko's Signa! And in the private sector, things are looking different again, with Tyroleans feeling the effects of rising prices.

148 companies went bankrupt in Tyrol in the first six months of the year, as reported by the Kreditschutzverband von 1870 (KSV). At this time last year, there were 167 - a decrease of 11.4 percent. On a national average, there was an increase of 26 percent.

The two largest insolvency proceedings in Austria - namely those of the Signa Group - are being heard at Innsbruck Regional Court. At the end of March 2024, bankruptcy proceedings were opened over the assets of the Benko family private foundation.

Rene Benko(Bild: Christof Birbaumer)

"So far, the creditors have registered almost 2.3 billion euros in claims. The insolvency administrator has so far only recognized just under 50 million euros as rightfully existing. The situation is similar in the proceedings against Benko himself. Here, too, around two billion euros have been registered, although only 47 million euros have so far been recognized as justifiable," says KSV. All insolvencies together amount to €4.5 billion - an increase of 5,300 percent.

Many private individuals with a lower household income have learned to adapt. The reasons for the use of funds are being questioned more frequently in recent months.

Klaus Schaller, KSV

Inflation has reached the Tyroleans
Meanwhile, the number of debt settlement proceedings involving private individuals has risen from 341 to 359. The number of private insolvency proceedings in Austria as a whole has remained almost stable compared to the previous year (+0.7 percent). In Tyrol, on the other hand, there has been a trend since 2022 whereby the number of debt settlement proceedings has risen constantly - albeit slightly.

"Many private individuals with a lower household income have learned to adapt. The reasons for the use of funds have been scrutinized more frequently in recent months. In many cases, investments in consumer goods are not being made or are being postponed. It is therefore obvious to me that the increased cost of living has reached the pockets of Tyroleans," reports Klaus Schaller, head of KSV 1870 in Innsbruck. He expects 700 cases to be settled by the end of the year.