Financials Market: Major Insolvencies in Germany Remain High

Germany's number of large corporate insolvencies remained elevated in Q2 2026. FalkenSteg's '5-nach-12' report records 105 insolvency filings by companies with annual revenue above €10 million in Q2 (nearly unchanged from Q1's 104 and about 12% above last year). In H1 2026 there were 209 filings (roughly 4% fewer year-on-year), while Q2 sits ~40% above the five-year average. The wave has shifted toward larger firms (cases for companies with >€100m revenue rose from 7 to 12). Regular insolvency proceedings dominated (81 of 105), self-administration and protection-shelf procedures fell, and ESUG-enabled restructurings are at an eight-year low. Of 70 completed procedures, 45 (64%) resulted in company continuations, with asset deals the most common outcome. Average procedure duration lengthened to 8.2 months, raising concerns about value erosion and longer recovery timelines.