Bankruptcy proceedings hit rock bottom in August, reaching their lowest point since 2007

CORPORATE DYNAMICS AND BUSINESS RESTRUCTURING

During the first eight months of 2026, insolvency proceedings in Spain registered a year-on-year decrease of 5,5%. However, this stability in commercial courts contrasts sharply with the alarming 11% increase in business dissolutions . The summer period saw an unprecedented level of defaults in the last decade and a half, revealing a silent reorganization of the productive sector, where commerce and construction are suffering the most.

---

The Spanish business landscape presents a mixed picture at the close of August 2026. According to data compiled by INFORMA D&B SAU (SME), a total of 4.054 insolvency proceedings were initiated nationwide between January and August, representing a 5,5% decrease compared to the same period of the previous year. Conversely, the number of dissolutions has skyrocketed, reaching 21.049 liquidated companies (+11%).

If we break down the types of measures used to ensure business viability, the vast majority continue to opt for traditional mechanisms. 74% (2.993 cases) correspond to ordinary insolvency proceedings , which have fallen by 4% year-on-year. The recent special procedures for micro-enterprises account for 23% (933 cases, a 7% reduction), while restructuring plans represent a marginal 3%, with a sharp drop of 28%, bringing them down to 128 operations.

An exceptionally atypical August

The most revealing data of the year has occurred in this last month, which has ended with a drastic slowdown in declared insolvencies.

"In August, 50 bankruptcy filings were recorded, an exceptionally low figure even for a holiday period; since 2007, only one lower figure has been recorded, in April 2020, coinciding with the crisis caused by Covid-19 ," explains Nathalie Gianese , Director of Studies at Informa D&B.

To put this standstill into perspective, the 50 insolvency proceedings in August represent an 89% drop compared to July and are 42,5% below the figures for August 2025. The total number of insolvency proceedings for the month barely reached 70. Meanwhile, 1.515 monthly dissolutions were recorded, impacting 6.537 employees and affecting a combined turnover exceeding €980 million.

The impact on the base of the economy remains severe: micro-enterprises accounted for 68% of insolvency proceedings in August, followed by small (24%) and medium-sized (8%) businesses. Notably absent were any large corporations filing for insolvency this month.

The retail and construction sectors are bearing the brunt of the losses.

When analyzing risk by sector, the Retail sector accounts for 22,5% of insolvency proceedings so far this year (911 cases), closely followed by Construction and Real Estate (18%) and Industry (14%). The significant increase in proceedings related to the Education sector is also noteworthy.

When we look at permanent closures or dissolutions, the ranking worsens:

• Construction and real estate activities leads with 5.201 solutions (+9% year-on-year).
• El Stores the amount 4.018 closuresexperiencing the largest quantitative leap of all sectors, with an increase of 13%.
• The Business services They occupy third place with 3.292 losses (+7%).
• La AgricultureOn the contrary, it is the only sector that manages to reduce its figures.

Regional snapshot: Catalonia leads in bankruptcy proceedings and Madrid in dissolutions

The map of cash flow tensions and restructurings has two very defined poles that, together, account for 47% of the national cases.

On the one hand, Catalonia has topped the list of insolvency proceedings since January, totaling 917 cases (31% of the state total, despite falling by 6%), also leading the implementation of preventive restructuring plans.

For its part, the Community of Madrid has consolidated its position as the region with the highest number of business liquidations, accounting for 26,5% of dissolutions (5.572 closures). Furthermore, the Madrid region is a pioneer in the use of the new special procedure for micro-enterprises, introduced following the transposition of European Directive 2019/1023 into the new Insolvency Law. Andalusia and the Valencian Community closely follow these two regions in terms of the volume of liquidations and insolvency proceedings, respectively.