Overview
- IWH reports 17,604 company insolvencies in 2025, surpassing the 2009 crisis level, with December alone recording 1,519 cases about 75% above a typical pre-pandemic December.
- Pressure was broad-based, with steep increases in hotels and hospitality as well as construction and project development, and a rise in large cases to 471 companies with over €10 million in revenue, according to Falkensteg.
- The Federal Statistical Office ended publication of preliminary insolvency indicators with the December 2025 reporting month after citing methodological limits and resource constraints, though final official statistics will continue with a time lag.
- The office’s last preliminary reading showed December rule insolvency applications up 15.2% year over year, and the discontinuation has drawn public criticism over reduced transparency.
- Creditreform estimates around €57 billion in receivable losses and projects insolvencies could reach as high as 24,000, while advisers including EY-Parthenon expect restructuring cases to peak in 2026.