In 2025, Germany recorded a negative record with 94 such large companies filing for insolvency.

This represents an 8% increase from 2024 (when there were 87 cases) and marks the highest level since Allianz Trade began tracking these figures in 2015.

The sectors most heavily impacted included:

• Healthcare services, particularly clinics and care facilities (with 9 major cases in this subsector alone, contributing to 14 in the broader services area).
• Automotive industry (12 cases).
• Construction sector (10 cases). Other notably affected branches were chemicals and metals (11 each) and retail (9).

This trend contributed to Germany accounting for about 20% of the global total of 475 major insolvencies in 2025 (a new worldwide record, with one large bankruptcy roughly every 18 hours).

Experts from Allianz Trade highlight risks of domino effects on supply chains, especially for smaller suppliers dependent on these large clients.

Allianz Trade and Creditreform forecast continued elevated risks for automotive suppliers into 2026, with major insolvencies potentially rising 15-20% globally and in Germany.

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Insolvencies of large companies at record high in 2025 – focus on hospitals, cars and construction

From Blackout News

In the study by Allianz Trade, a company is considered a large company as soon as it reaches at least 50 million euros in annual sales. In 2025, Germany set a negative record for these major insolvencies, as 94 large companies slipped into bankruptcy. Clinics, cars and construction were particularly affected. This is an increase of eight percent compared to 2024 and at the same time the highest level since the beginning of the evaluation in 2015 (handelsblatt: 05.02.26).

Germany is driving the global wave of insolvencies among large companies

The number of major bankruptcies also increased worldwide, with 475 large companies filing for bankruptcy. In mathematical terms, this corresponds to a major insolvency every 18 hours and Germany accounts for around a fifth of the cases. This makes the Federal Republic one of the drivers of the current development, although the causes vary depending on the industry.

“When it crashes, it is often right,” said the CEO of Allianz Trade in Germany, Austria and Switzerland, Milo Bogaerts. He also emphasizes: “We have been seeing a significant increase in major insolvencies for four years now, reaching the highest level since 2015 in 2025 – both worldwide and in Germany.” This statement classifies the record values, and at the same time it shows the long-term line behind the figures.

Hospitals, the automotive industry and construction: These sectors are particularly affected

The focus was on the service sector, where the study counted 14 major insolvencies. Among them were nine clinics and care facilities, and it is precisely there that cost increases quickly threaten their existence. This was followed by the automotive industry with twelve cases, while chemicals and metals each recorded eleven major insolvencies.

The construction industry also stood out clearly, with ten major bankruptcies. In addition, the retail sector remains a permanent problem, and it was once again far ahead with nine major insolvencies. This distribution shows how broad the pressure in the market has become, although individual sectors stand out in particular.

Domino effect in supply chains puts smaller companies under pressure to act

For many companies, the danger does not end when a major customer files for insolvency, but only begins then. After all, if a large customer fails, supply chains start to slide, and outstanding receivables quickly become a risk. “The problem with many major insolvencies is the possible domino effect on supply chains,” said Maxime Lemerle, head of insolvency analysis at Allianz Trade.

Smaller companies are particularly at risk because they are often heavily dependent on a few large customers. If one of these customers disappears, sales immediately collapse, and at the same time many partners tighten the payment terms. As a result, a single major insolvency can continue like a shock through entire supplier networks, even though the affected companies themselves appear solid.

Losses are rising worldwide, but Germany is seeing an easing in turnover

Globally, the economic damage increased, as the total turnover of the insolvent large companies rose by twelve percent to 208 billion euros. The largest insolvencies were in the US and China, and both countries accounted for 17 of the 20 largest bankruptcies by turnover. This means that the largest defaults are concentrated in a few markets, although insolvencies are increasing worldwide.

In Germany, on the other hand, there is a countermovement in turnover, as the total turnover of the large companies affected in 2025 fell significantly. It fell by around a third from just under 18 billion euros in the record year 2024 to around twelve billion euros. Bogaerts puts this into perspective: “There were significantly more major insolvencies in Germany in 2025, but the damage caused to suppliers decreased after the peak in 2024,” says Bogaerts. Nevertheless, the value remains high, and it has been at the second-highest level since 2015, which is why the topic remains explosive for companies and suppliers.