Company insolvencies in Germany reach highest level since 2013 in H1 2026
Company insolvencies in Germany rose to 12,900 in the first half of 2026, the most since 2013, driving €28.5bn in creditor losses and affecting roughly 165,000 jobs.
The number of company insolvencies in Germany climbed sharply in the first half of 2026, reaching 12,900 cases and marking the steepest six-month increase since 2013. That figure, which Creditreform reported as a 7.8 percent rise year‑on‑year, came alongside a smaller uptick in private insolvencies and signalled mounting stress across multiple sectors. The jump has prompted warnings from credit analysts that the worst of the corporate distress may still lie ahead.
Creditreform assessment and official comment
Patrick‑Ludwig Hantzsch, head of economic research at Creditreform, described the rising insolvency figures as evidence of deep structural strain in the German corporate landscape. He said external shocks, including disruptions to global trade routes tied to the Middle East conflict, had worsened firms’ liquidity and revenue positions. Creditreform’s analysis projects that macroeconomic stabilization will be necessary before insolvency rates level off, with a return to growth unlikely before 2027.
Trade disruption and geopolitical pressures
Analysts point to prolonged interruptions in shipping lanes, notably the months‑long blockage of the Strait of Hormuz, as a key trigger that prevented an anticipated economic rebound. The disruption raised transport costs and delayed deliveries, squeezing margins for exporters and manufacturers already coping with tighter financing conditions. These trade pressures compounded the aftereffects of earlier energy price volatility and left many companies exposed to cascading defaults.
Scale of financial damage and jobs at risk
Creditreform estimated the direct financial fallout from the insolvencies at about €28.5 billion for the first half of 2026. That sum reflects losses borne by suppliers, lenders and social insurers when businesses fail to meet liabilities. The research group also identified roughly 165,000 jobs tied to the failed companies, underscoring the social as well as fiscal implications of the uptick in corporate insolvencies.
Sectoral impact and creditor exposure
While the rise in insolvencies has been broadly distributed, sectors with high working‑capital needs and exposure to global supply chains were particularly affected. Suppliers, freight forwarders and smaller manufacturers reported above‑average loss rates, according to trade associations that have been briefing policymakers. Creditors facing the largest write‑offs include regional banks, trade creditors and public benefit schemes, which may now see tighter risk appetites and increased provisioning.
Outlook and timing of a potential peak
Creditreform warned that the current figures probably do not represent the peak of business failures, saying a sustained recovery in insolvency rates will depend on durable economic growth. The institute’s forecast places meaningful stabilization no earlier than 2027 unless the international situation eases and demand recovers sooner. Economists caution that policy measures aimed at supporting liquidity and trimming insolvency backlogs could influence the timeline, but they stress such interventions are no substitute for stronger growth.
Policy response and support measures under consideration
German industry groups and some lawmakers have called for targeted relief measures to cushion small and medium‑sized enterprises that face solvency squeezes but remain viable long term. Suggestions include temporary tax breaks, accelerated claim‑settlement frameworks and tailored credit guarantees to preserve employment and supply relationships. Officials say any intervention must balance helping firms through temporary distress with avoiding prolonged support for fundamentally insolvent businesses.
The surge in company insolvencies in Germany has therefore become a focal point for business groups, creditors and policymakers as they weigh responses to a deterioration rooted in both domestic structural issues and external shocks. The coming quarters will test whether short‑term measures and easing geopolitical tensions can reverse the trend before insolvency pressures translate into wider economic contraction.
