Annual report reveals the largest thirteen bankruptcies in Austria during 2025
In 2025, the rise in corporate bankruptcies in Austria continued, with 6,857 companies going bankrupt, an increase of 4.1% from 2024, at a rate of 19 bankruptcies announced daily, according to the annual report of the Creditors' Protection Association.
Despite the increase in the number of cases, the value of declared debts has clearly decreased, with temporary financial obligations amounting to about 8.38 billion euros, which is 55.8 percent lower compared to the previous year. This decline is mainly due to the decrease in the number of major bankruptcies exceeding debts of 200 million euros.
The Cigna Group topped the list of largest bankruptcies in 2025, with debts of Cigna Prime Capital Invest alone amounting to about 870 million euros, making it the largest bankruptcy case of the year. Despite the size of these cases, the number of employees affected by bankruptcies decreased by 27.7 percent, while the number of affected creditors increased by 8.2 percent.
According to the distribution of bankruptcies by sectors, the trade sector was the most affected with 1,208 bankruptcy cases and debts amounting to 875 million euros, followed by the construction sector with 1,089 cases and debts of 869 million euros. The restaurant and hotel sector recorded 807 bankruptcy cases with debts reaching 313 million euros. In contrast, the real estate and housing management sector saw the largest percentage increase, with bankruptcies rising by 38 percent to reach 458 cases.
The list of the largest thirteen bankruptcies in 2025 included prominent companies and names, led by Cigna Prime Capital Invest in Vienna with debts of 870 million euros, followed by Hercules Holding in Innsbruck with debts of 710 million euros, and then Hercules Finance Holding in Innsbruck with debts of 257 million euros. The list also included real estate, hotel, and industrial companies in Vienna, Linz, and various Austrian cities, with debts ranging from 118 million to 200 million euros.
In contrast, the number of personal bankruptcies remained almost stable during 2025, with 8,840 personal bankruptcy proceedings opened nationwide, a very slight increase of 0.2 percent, equivalent to 24 cases per day. However, these figures hide clear variations between states, with a recorded decrease of 9 percent in Tyrol, compared to an increase of 8.2 percent in Vorarlberg.
Despite the stability in the number of cases, individual debts have risen significantly, with financial obligations increasing by 17.8 percent to reach 1.17 billion euros. The average debt per person is 133,000 euros, an increase of nearly 20,000 euros from the previous year. This rise is attributed to a limited number of major issues, including a prominent political case that led to a sharp increase in recorded debts in Tyrol.
The report indicated that the weak consumption appetite among the population played a key role in exacerbating the situation, as half of the companies participating in a survey reported that individuals spent less money in 2025 compared to previous years. It was also noted that payment periods have been pushed to the limit, with delays in settling dues until the last moments, amid increasing living pressures and a resurgence of inflation.
Looking ahead to 2026, the Association for the Protection of Creditors expects the number of bankruptcies among companies and individuals to remain close to the figures of 2025, unless there is a significant improvement in economic conditions. Regarding individual bankruptcies, government decisions regarding the repayment plan system, which is set to expire in mid-2026, may play a crucial role in determining the future direction of the figures. As for the corporate sector, current indicators show no signs of relief, as the development of inflation, general costs, and economic growth will remain critical factors in the upcoming phase.