Only 19,939 German companies went bankrupt in the period between January to June of this year, 0.1 percent fewer than in the same period last year.

However, the total number of private individuals who filed for insolvency rose by 14.8 percent to 56,836 in the six-month period, according to the federal statistics office, Destais. In June alone, the number of corporate bankruptcies was 6,6 percent year-on-year at 3,445 and the total number of insolvencies soared by 24,3 percent to 10,070. Destatis predicted that the number of corporate failures will stabilize throughout the year, but the number of private insolvencies will rise.