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Allianz warns of increase in global bankruptcies

Allianz Trade has warned that a global trend in bankruptcies is expected to become apparent in the coming months. It also said that the number of liquidations of Hong Kong companies may increase by 10% next year. A report by the credit insurer said that the war in Ukraine and China's strict Covid restrictions are seen to increase risks facing businesses, and the number of global corporate bankruptcies is likely to rise this year and next, with increases of 10% and 14%, respectively. Allianz expects that the figure for corporate liquidations in Hong Kong, which jumped around 28% year-on-year in 2021 to nearly 300, will increase by 10% to 330 in 2023. In the US, the number of bankruptcies is expected to increase by 8% this year and 23% in 2023.

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