Insolvency proceedings rose 29% in September in Spain

In the first three quarters of 2026, 4,699 insolvency proceedings and 22,701 dissolutions were recorded in Spain, according to the data on Insolvency proceedings and dissolutions compiled by INFORMA, representing a 2% drop in insolvency proceedings but a 10% increase in dissolutions compared with the same months of 2025.

Of the total insolvency proceedings recorded up to September, 73% corresponded to insolvency filings, 3,439, down 1% year over year. Restructuring plans accounted for 3% of the total, reaching 137, down 28%. A total of 1,223 special procedures for micro-enterprises were recorded, a 1% drop, representing 24%.

Nathalie Gianese, Director of Research at Informa D&B, notes: “In September, insolvency proceedings rose sharply, by nearly 30%, although year to date the figure is slightly below that of 2025”.

The number of insolvency filings in September reached 446, up 24% on the same month last year, the fourth-highest figure of the year. In addition, 9 restructuring plans were recorded this month, compared with 12 in 2025, and 190 special procedures for micro-enterprises, up 46% in this case.

Insolvency proceedings for the month totalled 645, up 29% compared with September 2025. Dissolutions, however, fell 4% compared with the same month a year earlier, to 1,652.

The economic and social impact of September’s insolvency proceedings affected 5,496 workers and sales of nearly €798 million. In the case of dissolutions during the month, the companies affected had 9,260 employees and combined turnover of over €1.330 billion.

In September, micro-enterprises accounted for the bulk of insolvency filings initiated, 76%, while small businesses represented 20% and medium-sized businesses 4%, with only 1 large corporation affected this month. Restructuring plans were concentrated among micro and small businesses, at 44% in both cases, while 11% were medium-sized companies, with no large corporation affected.

Trade is the sector with the largest decline in cumulative insolvency proceedings

Insolvency filings recorded since January fell in six of the fifteen sectors analysed. The steepest declines were in Construction and Real Estate Activities, down 58, and Trade, down 55. Even so, Trade led insolvency filings, with 803, 23% of the total, followed by Construction and Real Estate Activities, with 617, and Manufacturing, with 480.

For restructuring plans, Manufacturing topped the figures over these three quarters with 48, followed by Business Services and Construction and Real Estate Activities, both with 22. For special procedures for micro-enterprises, Trade reached 248, ahead of Construction and Real Estate Activities, with 212, and Business Services, with 147.

Of the total insolvency proceedings accumulated since January, Trade accounted for 23% of the total, 1,070, Construction and Real Estate Activities 18%, 851, and Manufacturing 14%, 643. Trade was the sector with the largest reduction in the number of proceedings over these months, down 106.

In September, Trade was the sector with the most insolvency filings, with 109, ahead of Construction and Real Estate Activities, 81, and Business Services, 55. For special procedures for micro-enterprises, Trade and Construction and Real Estate Activities also ranked first, with 49 and 40, while Manufacturing recorded the highest number of restructuring plans, with 3.

Dissolutions accumulated up to September were concentrated in Construction and Real Estate Activities, with 5,616, up 8%, Trade, with 4,338, up 10.5%, and Business Services, with 3,524, up 7%. Agriculture was the only sector to reduce its figures in this period, down 29, while Trade saw the largest increase, up 413. In September, the same sectors led again, with 415 dissolutions in Construction and Real Estate Activities, 320 in Trade and 232 in Business Services.

Catalonia and Madrid lead cumulative insolvency proceedings

Catalonia was the region with the highest number of insolvency filings year to date, 30% of the total, with 1,029, down 2% on the same period of 2025, followed by Madrid with 545, up 6%, and the Valencian Community with 422, down 4%.

For restructuring plans, Catalonia also ranked first, with 26, down 35%. Madrid followed with 20, down 17%, and the Valencian Community and Andalusia, both with 14. For special procedures for micro-enterprises, Madrid led the cumulative total with 462, despite a 12% decline, ahead of the Valencian Community, with 251, and Catalonia, with 108, up 37% and 6% respectively.

Insolvency proceedings accumulated up to September were concentrated mainly in Catalonia, with 1,163, and Madrid, with 1,027, although each fell 2% and 3% respectively. Together they accounted for 47% of the national total.

In September, Catalonia led insolvency filings, with 112, followed by Madrid with 97 and Andalusia, with 51. The Valencian Community topped special procedures for micro-enterprises with 77, ahead of Madrid with 69. The regions with the most restructuring plans were Aragon and Madrid, both with 3. Madrid therefore led the month’s insolvency proceedings figures, with 169, followed by Catalonia with 120. Together, the two accounted for nearly half of the proceedings recorded this month.

For dissolutions, Madrid accounted for 26.5% of the cumulative total, with 6,036, and the largest absolute increase, adding 435. Andalusia followed, with 3,654, and the Valencian Community, with 2,710, up 13% and 15% respectively. The figures fell in only three regions since January: Asturias (-1%), Basque Country (-4%) and Melilla (-52%). In September, dissolutions reached 464 in Madrid, 236 in Andalusia and 212 in the Valencian Community.