Insolvency Observatory · Q3 2026

The accounts before the fall

Who enters insolvency proceedings, and what their accounts said just before. A reading of business failures based on CapFi financial data.

Published 11 November 20266 min readBODACC and CapFi France data
12,135companies entered insolvency proceedings
in Q3 2026
−7.5%year on year: the first clear decline since 2022
60,430companies affected over the last twelve months
64%had published no accounts before failing
x4.4higher risk for a company rated 0 to 2 than for one rated 7 to 10
Key takeaways
  • 12,135 companies entered insolvency proceedings in Q3, against 13,117 a year earlier. Over nine months, volumes are down 2.8%, but still 40% above Q3 2022.
  • Nearly two failing companies in three had published no accounts. For a supplier, a banker or a buyer, they were invisible.
  • Among those that did publish, 77% showed a positive EBITDA at their last balance sheet. Failure comes from cash first, not from the income statement.
  • The CapFi score sorts the risk: 7.3 failures per 1,000 companies rated 0 to 2 over the quarter, against 1.7 for the best rated.
  • Hospitality and food service is the only major sector on the rise. Business services, industry and real estate fall by more than 10%.
01

A first decline

Companies subject to an opening judgment published in the BODACC during the quarter.

Third quarter, 2022 to 2026
8,625Q3 2022
10,702Q3 2023
12,704Q3 2024
13,117Q3 2025
12,135Q3 2026
Quarter by quarter
13,117Q3 2025
17,604Q4 2025
15,180Q1 2026
15,511Q2 2026
12,135Q3 2026

With 12,135 companies entering proceedings, Q3 2026 is 7.5% below Q3 2025. Over the first nine months, 42,826 companies are affected, against 44,062 a year earlier.

This is the first marked decline in a third quarter since 2022. The level is still high, though: 40% above 2022. As in 2025, the summer quarter is the quietest of the year.

Court-supervised reorganisations also fall: 3,690 openings, against 4,026 a year earlier (−8.3%). They account for 30% of proceedings. The rest are direct liquidations and, marginally, safeguard proceedings.

Volumes are dated by BODACC publication, a few weeks after the judgment, and cover companies only. They differ from statistics based on the judgment date that include sole traders and associations: Altares thus counts 14,652 failures over the quarter, up 0.5%, with a high September. Part of the September judgments will only be published in the BODACC in October.

02

Failures without published accounts

Failing companies of the quarter, by their latest accounts.

64%28%8%
No published accounts7,724 companiesPublished accounts, positive EBITDA3,409 companiesPublished accounts, negative EBITDA1,002 companies

7,724 of the 12,135 companies entering proceedings had published no accounts. Confidentiality, late filing, a company too young: for their partners, the risk could not be read.

That is the first lesson of the quarter for a supplier or a buyer: the absence of published accounts is a signal in itself, and the most frequent one among failing companies.

77%had a positive EBITDA at their last balance sheet
75%had positive equity

Among the 4,411 companies that did publish, the vast majority were neither loss-making nor in negative net worth at their last balance sheet. The tipping point comes between two year-ends: a lost customer, an unpaid invoice, a bank repayment. Cash gives way before profit does.

Accounts: latest financial year published and known to CapFi, sometimes more than a year before the failure.

03

The CapFi score upstream

Failures in the quarter per 1,000 companies, by CapFi financial rating, from 0 (fragile) to 10 (solid).

7.3 ‰Rating 0 to 2353 failures
5.2 ‰Rating 3 to 4634 failures
2.5 ‰Rating 5 to 6578 failures
1.7 ‰Rating 7 to 10527 failures

A company rated 0 to 2 out of 10 failed 4.4 times more often than a company rated 7 to 10 over the quarter. Risk falls at every rating step, without exception. Over a year, this pace represents about 3% of the lowest-rated companies, against less than 1% of the best rated.

A good rating is no guarantee, though: 25% of rated failures concern companies rated 7 to 10. These are shocks that annual accounts cannot anticipate, such as the loss of a major customer or the failure of a main client.

Hence the value of combining the rating with day-to-day signals: late filings, registered liens, changes of directors, press coverage.

04

Small and independent

Revenue at the last balance sheet of failing companies where it is known.

Under €1m85 %
€1m to €5m10 %
€5m to €20m3 %
Over €20m1 %
2.7%only are subsidiaries of a French or foreign group
1 in 6had a manager aged 60 or over

85% of failing companies with known revenue had sales below one million euros. Companies above €5m account for only 4% of cases.

Failure remains a matter for independent companies. A group subsidiary has a shareholder able to support its cash position, which explains its small share.

One failing manager in six is 60 or older. For these companies, proceedings often arrive just when succession should have been prepared. An early sale, even at a modest price, usually preserves more value than a court-ordered takeover.

05

Diverging sectors

Change in the number of companies entering insolvency proceedings, Q3 2026 compared with Q3 2025.

Hospitality and food service1,871 companies in Q3 2026+6.1%
Business services1,550 companies in Q3 2026−11.0%
Industry744 companies in Q3 2026−10.7%
Retail and wholesale2,765 companies in Q3 2026−2.9%
Information and communication398 companies in Q3 2026−3.4%
Transport and logistics532 companies in Q3 2026−7.5%
Construction2,338 companies in Q3 2026−5.2%
Real estate427 companies in Q3 2026−12.7%

Hospitality and food service is the only major sector on the rise (+6.1%), with 1,871 companies entering proceedings. It extends the trend of the previous quarter.

Retail and wholesale (−2.9%) and construction (−5.2%) edge down and remain the two largest contributors, with 5,103 companies between them.

The sharpest falls are in real estate (−12.7%), business services (−11.0%) and industry (−10.7%). For business services, this is a reversal after the strong rise in Q2.

Transport (−7.5%) and digital (−3.4%) follow the general decline.

06

Takeovers of the quarter

Proceedings do not always end a business. Six takeovers tracked by CapFi, each party linked to its profile.

01 / 06Sale plan

Studiel by Arial Industries

Defence and aerospace engineering

Engineering for defence and aerospace, €13m in revenue: 126 employees out of 130 kept by a competitor.

The parties in CapFi
Company taken over
02 / 06Sale plan

Canelés Baillardran by Bricks

Pastry

A Bordeaux canelé institution: 67 jobs and 11 shops preserved.

The parties in CapFi
Company taken over
03 / 06Sale plan

GCK by Aminvest

Low-carbon mobility

Low-carbon mobility: six group companies taken over, about 140 jobs out of 188.

The parties in CapFi
Company taken over
04 / 06Sale plan

Azur Drones by Drone Volt

Surveillance drones

Autonomous surveillance drones: the Skeyetech technology and the viable scope taken over.

The parties in CapFi
Company taken over
05 / 06Sale plan

BAC Films by HLM Conseil

Film distribution

Film distribution: assets and catalogue taken over for about €130,000, 5 employees out of 15.

The parties in CapFi
Company taken over
06 / 06Sale plan

JT Automobiles by Groupe Nedey Automobiles

Car dealership

Alsace dealership taken over through the court: the group’s first site in Alsace.

The parties in CapFi
Company taken over

Buyers are mostly players in the same trade: a twenty-year competitor for Studiel, a drone maker for Azur Drones, a car distribution group for JT Automobiles. They pick up a team, a technology or a location at a lower cost.

At Studiel, the offer selected was not the highest bid: the court favoured the industrial plan and jobs. The price paid is often far below the value of the business before its difficulties. For a manager who sees the situation deteriorating, an organised sale before proceedings is almost always the best option.

Spot the risk before the judgment

Financial rating, late filings, liens, changes of directors and BODACC notices: CapFi monitors your clients, suppliers and targets day to day and alerts you when their situation changes.

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Failing companies over 12 months60,430
CapFi financial rating0 to 10
Next editionQ4 2026

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Sources: opening judgments for safeguard, reorganisation and judicial liquidation published in the BODACC during the quarter, each company counted once; latest financial year published and known to CapFi, and CapFi financial rating; deal summaries from the CapFi database. Context: Altares, Business failures and safeguards, Q3 2026 (press release of 13 October 2026).