CRIF Austria Study: Vienna Leads in Insolvencies, Hospitality Sector Hit Hardest
CRIF's 2014 payment study reveals Vienna has the highest number of open insolvency proceedings. The hospitality sector faced the most insolvencies, while the construction sector showed a more positive performance.
Vienna recorded the highest number of open insolvency proceedings in Austria in 2014, according to a study by CRIF Austria. The province of Tyrol had the fewest cases, followed closely by Salzburg.
The hospitality sector registered the highest number of insolvencies during 2014. While the construction sector performed better overall, it recorded the highest average outstanding amount per collection case.
Comparing the construction, retail, and hospitality sectors, construction faced the most insolvencies. The hospitality industry had the highest number of debt collection cases, followed by retail and construction. However, the average amount per collection case was highest in the construction sector.
Boris Recsey, CEO of CRIF Austria, noted that only slight improvements have been observed in the economic situation and expressed hope for government measures in 2015 to boost consumption. He also emphasized the importance of optimizing risk management processes for competitiveness across industries.