BERLIN, March 14 The number of German companies
filing for insolvency fell last year to the lowest level on
record thanks to a prolonged upswing in Europe's biggest economy
although the amount of creditor claims rose nearly 60 percent,
data showed on Tuesday.
Just 21,518 companies registered for insolvency in 2016,
down 7 percent in the seventh consecutive annual drop in numbers
and the fewest since insolvency rules changed in 1999, the
Federal Statistics Office said in a statement.
However, total probable claims by creditors rose to some
27.4 billion euros ($29.2 billion) from about 17.3 billion as
courts dealt with more cases from big companies, it said.
The number of consumer bankruptcies also fell, edging down
3.6 percent to 77,238, its sixth yearly decline.
The German economy grew by 1.9 percent in 2016, the highest
rate for five years, driven by soaring private consumption,
higher state spending and more investment in housing.
Record high employment, increased job security, solid wage
increases and low borrowing costs are fuelling domestic demand
which has replaced exports as the main driver of growth.
($1 = 0.9398 euros)
(Reporting by Michael Nienaber; Editing by Louise Ireland)