A record number of large companies in Germany went bankrupt last year, and the trend is continuing. In the first half of this year, 33 companies with annual revenue of more than 50 million euros filed for insolvency, credit insurer Allianz Trade announced on Friday. That is ten percent more than in the same period a year earlier. Last year, with a concentration in the second half, a total of 94 large companies became insolvent. That was the highest figure since the analysis began in 2015. In 2024, the number was already comparatively high at 87.
"There is no breather in large insolvencies in 2026 either," said Milo Bogaerts, head of the DACH region, Germany, Austria and Switzerland, at Allianz Trade. "The negative trend from last year is becoming entrenched. That is a warning signal for the German economy. It shows that the pressure to adapt remains enormous in many sectors."
There is also a risk of "domino effects" along supply chains, Bogaerts added. "Large companies often sit at the centre of complex value chains. If a market player of this size fails, suppliers, service providers and other business partners frequently come under pressure as well."
The automotive sector was particularly affected in the first half of the year, with seven large insolvencies. There were also five cases in retail, and four each in mechanical engineering and in the services sector. The average revenue of the insolvent large companies did, however, decline in the first half of the year compared with the same period in the previous year. On average, therefore, somewhat smaller companies were affected.
The high number of large insolvencies seen for some time now is not a German phenomenon alone. The number of cases worldwide has recently risen at a similar pace. "In the first half of 2026, Allianz Trade registered a total of 247 large insolvencies worldwide," the credit insurer said. "That is 13 percent more than in the same period last year." Western Europe is particularly affected, according to the figures.
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