The chairman of the federal employment agency (BA), detlef scheele, has prepared his agency for a possible wave of bankruptcies. The BA is "preparing for the worst", scheele told the "bild" newspaper.
"We are currently providing 250 employees with additional qualifications in case of a major wave of bankruptcies." At the BA it was said that the authority had already started preparations in the spring as a precautionary measure.
According to scheele, 1.6 billion euros have been earmarked for the insolvency money for 2021, whereas this year only 950 million euros have been earmarked. The number of people who have received insolvency benefits from the authorities has already been higher this year than in the same period last year. "So far this year, we have had to pay out 350 million euros more in insolvency payments than in 2019, when the figure was around 600 million euros by september. However, it remains to be seen what will happen when the obligation to file resumes," said scheele.
Since the beginning of the month, it has once again been compulsory to file for insolvency if you are unable to pay. For over-indebted companies, on the other hand, the relaxation of insolvency law introduced in the corona crisis will continue to apply until the end of the year.
In the spring, the federal government had decided to relax the regulations in order to avert a wave of bankruptcies caused by the negative consequences of the corona pandemic. According to this, both over-indebtedness and insolvency should not be mandatory reasons to file for bankruptcy. For overindebted companies this still applies. Since 1 january, anyone who is unable to pay. October file for insolvency.
Experts believe that the number of registered corporate insolvencies will remain low in the coming months despite the corona pandemic. Government measures such as the extended short-time working allowance and the overtime subsidies have kept many companies afloat.
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