Overview

• Altares reports roughly 6,800 insolvency filings in September 2025 and 14,371 across the third quarter, marking a sharp acceleration from a year earlier.
• Very small businesses are the most exposed, with 75% of Q3 failures involving firms with fewer than three employees and a 13% jump among companies with 10 to 19 staff.
• Construction and retail are the most affected sectors, with mounting pressure spreading into manufacturing and personal services.
• Filings show a shift toward judicial reorganization rather than liquidation, giving more companies a chance to restructure instead of closing.
• Causes cited include final repayments of COVID-era aid, a surge in recent business creations, weak household spending, and ongoing political uncertainty.