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26 March 2026 – Globally, corporate insolvencies continued to rise in 2025, with the overall index for advanced economies estimated to be around 5% higher than in 2024 (chart 21). The Asia–Pacific region recorded the strongest increase, with insolvencies up by approximately 9% year on year, followed by Europe (8%) and North America (3%). Nevertheless, developments remained uneven across countries. A small number recorded declines in insolvencies during 2025, most notably Canada (-22% year on year) and the Netherlands (-12%).
At the other end of the spectrum, several economies experienced large increases, including Italy (+33%), Switzerland (+30%), Singapore (+24%), New Zealand (+24%), South Korea (+18%) and Germany (+11%). In most other advanced economies, insolvencies rose more moderately, reflecting a deceleration after the post-pandemic rebound. In the United States, insolvency trends strengthened noticeably in the second half of the year.
After remaining broadly unchanged in the first half of 2025, insolvencies rose by 15% year on year in the second half, pointing to further pressures on corporates. As highlighted in our most recent insolvency publication1, corporate insolvencies in a selected group of advanced economies are expected to increase by around 3% year on year in 2026 (chart 22). This would push insolvency levels more than 25% higher than their pre-pandemic average.
Looking beyond advanced economies, India is an outlier. After significant fluctuations following the major overhaul of its insolvency regime with the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016, insolvency numbers have been constantly declining since mid-2022. In the first nine months of 2025, there were 468 corporate insolvencies, representing a 33% fall compared with the same period in 2024. This decline was broad-based across sectors, with the notable exceptions of agrifood and construction, where insolvencies rose by around 20% and 10%, respectively. Source: Coface. Download: Economic Publications February 2026