Business Bankruptcies at the Highest Level Since 2008

According to a Dec. 18 article in the Financial Times, “the number of U.S. cases [of corporate bankruptcy] is up 30% compared with last year, while in Germany, bankruptcies have risen 25%. In the wider EU, corporate insolvencies are up 13%, hitting their highest level in eight years. The OECD said bankruptcy rates in several countries had surpassed levels during the 2008-2009 financial crisis, while in England and Wales, insolvencies have also hit their highest level since 2009. German financial services company Allianz forecast that global insolvency growth rates would hit 10% next year after increasing 6% in 2023.”