Bankruptcy Analysis
A report by Solunion reveals that, although the total number of insolvencies has stabilized in the second quarter of 2026, insolvencies of large companies have reached a record high, raising the risk of a domino effect in supply chains.
A recent report by Solunion on business insolvencies in EspañaThe data for the second quarter of 2026 shows a stabilization in the total number of bankruptcies. However, the study, prepared by Lorena Coiduras, Responsible for Credit Administration and Reports Solunion EspañaIt warns of an alarming increase in large-scale insolvencies, which have reached an all-time high and could strain supply chains in the coming months.
After a sharp 24% drop in the first quarter, the number of insolvency proceedings stabilized in the second quarter (-0,1%), bringing the cumulative decrease to -13% as of June 2026 compared to the previous year. The moving annual average stands at 5.194 insolvencies, a 12% reduction compared to 2025 and a 17% decrease compared to the 2023 peak, although levels remain above the 2015-2020 average. Some of the volatility in the figures is attributed to the reform of the Insolvency Law of 2022, which made visible a greater number of procedures in micro-enterprises.
The paradox: Record number of competitions in large companies
Despite the overall downward trend, the most worrying piece of data in the report is the record high in the number of bankruptcies of large companiesDuring the second quarter of 2026, 34 large insolvencies were recorded, 100% more than in the same period of 2025. This phenomenon, concentrated in companies with turnovers between 25 and 100 million euros, raises the total business volume of the bankrupt companies to 1.481 million euros, 60% more than in the second quarter of 2025.
This increase in insolvencies of large corporations fuels the risk of a "domino effect" through its extensive supplier networks. From Solunion It is warned that this situation could lead to an increase in insolvencies among smaller companies in the coming quarters, directly affecting the resilience of the national supply chain.
| Key Indicator | Data (Q2 2026) |
|---|---|
| Total change in insolvencies (Q2 vs Q2 2025) | -0,1% (Stabilization) |
| Cumulative variation (January-June 2026) | -13% |
| Large corporate insolvencies (Q2 2026) | 34 (All-time high, +100% year-on-year) |
| Leading sector in large insolvencies | Construction (8 cases) |
| Autonomous Communities with the largest increases | Aragón (+57%) and Castilla y León (+ 18%) |
Sectoral and territorial analysis: A snapshot of insolvency
By sectors, Services (887 contests) and Construction (583) continue to account for the largest volume of proceedings, although this figure shows a 17% reduction compared to 2025. However, it is precisely the Construction sector that tops the ranking of major insolvencies with 8 cases, doubling the figures from the previous year. It is followed by Agri-food (6 cases) and Services (5 cases). On the opposite side, industrial activities such as Paper, Commodities and Automotive register the largest downward adjustments.
At the territorial level, the national decline is largely explained by the decreases in the three communities with the highest volume of insolvency proceedings: Cataluña (-17%), Madrid (-16%) and the Comunidad Valenciana (-13%). In contrast, Andalucía It shows slight growth of 3%, driven by the Services sector. The largest percentage increases are observed in Aragón (+57%), due to the notable increase in the HORECA subsector, and in Castilla y León (+18%), impacted by Construction.
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