Overview

• Altares counts 14,371 insolvency proceedings in the third quarter of 2025, a 5.2% increase year over year and the highest level for this period since 2006.
• September alone records 6,800 cases, marking the worst post-summer month since 2009.
• Since January, 50,700 companies have failed, with roughly 52,000 jobs at risk this quarter.
• Failures rise 17% in manufacturing and 13% for firms with 10–19 employees, with steep sector surges in energy/water/environment (+33%), printing (+45%) and mechanical metallurgy (+54%).
• Judicial reorganizations account for about one-third of cases and are increasing as liquidations slow, while regional trends are uneven and 46 firms with over 100 employees have failed, threatening about 10,000 jobs.