Nearly every third large bankruptcy in Western Europe occurs in Germany

Germany accounts for about 30% of all large corporate bankruptcies in Western Europe. Over the last four quarters, the country recorded 97 such cases out of 325 in the region, and in the first half of 2026, the number of large bankruptcies in Germany increased by another 10%.

This is according to a study by credit insurer Allianz Trade.

The company classifies as large bankruptcies cases of insolvency of companies with annual revenue of at least €50 million.

Over the last four quarters, Allianz Trade counted 504 large bankruptcies worldwide. Western Europe accounted for 325 cases, of which 97 were in Germany.

Thus, Germany's share is approximately 30%. By comparison, in the same period, France had 69 large bankruptcies, Italy 62, and the UK 45.

In half a year, 33 large companies went bankrupt

In the first half of 2026, Germany recorded 33 bankruptcies of companies with annual revenue over €50 million. This is 10% more than in the same period last year.

The increase occurs after a record 2025, when Allianz Trade counted 94 large bankruptcies in Germany—the most since this statistic began being tracked in 2015.

By comparison, there were 87 such cases in 2024 and 64 in 2023.

Allianz Trade notes that the negative trend continues into 2026, and pressure on companies in many industries remains high.

Most bankruptcies are in the auto industry

The most problematic sector in Germany in the first half of the year was the automotive industry, where seven large bankruptcies were recorded.

Retail trade came in second with five cases. Machinery and equipment manufacturing and the services sector each had four large bankruptcies.

Allianz Trade points out that problems of large companies can spread across the entire production system. Such companies often occupy key positions in supply chains, so their insolvency creates risks for suppliers, subcontractors, and other partners.

Revenue of bankrupt companies reached €4.5 billion

The combined annual revenue of large German companies that became insolvent in the first half of 2026 increased by 3% and amounted to approximately €4.5 billion.

At the same time, the average revenue of one such company fell by almost 7%—to about €137 million. Allianz Trade views this as a sign that lately bankruptcies more often affect somewhat smaller enterprises from the large company category.

Large bankruptcies are also rising globally

In the first half of 2026, Allianz Trade recorded 247 large corporate bankruptcies worldwide. This is 13% more than a year earlier.

More than 60% of such cases occurred in Western Europe. Globally, the largest number of large bankruptcies was in retail trade, the services sector, and construction.

Allianz Trade does not expect a significant improvement by the end of the year. Particularly vulnerable remain industries with high investment and energy costs, as well as companies with limited ability to raise product prices.

Source: Allianz Trade, Die Zeit