The bankruptcy wave did not materialize last year. Even more: since the outbreak of the Corona crisis in Switzerland, company bankruptcies have decreased significantly. In 2020, company bankruptcies without bankruptcy liquidations were an average of 18 percent lower than in the previous year.
The state supports and hardship aid cushioned missing sales among traders and entrepreneurs in the current year. But now the wind has evidently turned. “Company bankruptcies shoot up in May,” reports the KOF, the business cycle office of ETH Zurich. That is surprising.
Hospitality and entertainment hard hit
What is the reason for the “sudden increase” that the KOF writes about? The sectors that have been stolen from customers by “official containment measures” are severely affected. Notabene: the hospitality industry. The economic research agency also mentions the entertainment industry (clubs, events, trade fairs).
The recent surge in bankruptcies is particularly noticeable in the canton of Vaud in the Lake Geneva region. Eastern Switzerland is also mentioned, especially St. Gallen and Zurich. The full extent will only be seen in the course of the year when the epidemiological and economic-political situation has improved again, according to the KOF.
Because: The risk of a strong flood of bankruptcies in Switzerland is kept low by Corona hardship aid from the federal government and cantons as well as the extension of short-time work allowances. (uro)
Published: 06/25/2021, 8 minutes ago
Last updated: 6/25/2021, 6 minutes ago