Corporate

Corporate insolvencies stabilized in France in the third quarter of 2026. According to the Altares study, 14,652 procedures were opened between July and September, representing a year-over-year rise of just 0.5%. Across a twelve-month period, however, nearly 72,000 businesses defaulted, a record-high level.

The accommodation sector is among the weakest links. Insolvencies there rise by more than 30%, with hotel insolvencies up by 28%. Short-term tourist accommodation accounts for 32 procedures, i.e., twice as many as a year earlier. The restaurant industry also deteriorated, with 1,694 insolvencies, up by almost 10%. Fast-food establishments grow by 15.8%, versus 6.3% for traditional dining.

In the travel sector, 28 insolvencies were recorded in Q3 2026, up from 24 a year earlier (+16.7%). Travel agencies remained stable with 13 procedures, while tour operators increased from 5 to 7 insolvencies. Booking services and related activities rose from 6 to 8 procedures.

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In the realm of passenger transportation, the trend is upward: 208 insolvencies were recorded in Q3, versus 181 in the corresponding period of 2025, a rise of 14.9%. Taxis account for 197 procedures, up from 168 a year earlier (+17.3%). Regular passenger road transport and other road passenger transport remain stable.

Developments remain mixed across other sectors. Construction, the leading sector by insolvencies with 3,452 procedures, records a 3.1% decrease. Manufacturing industry also improves (-11.8%), as do transport and logistics (-1.6%).

Business services retreat by 1.7%. Conversely, difficulties persist in the food trade (+15.3%) and beverage outlets (+13.4%). Agriculture continues its decline, with a 3.9% rise in insolvencies.

Commerce related to personal care is also in the red (+11%), spanning from pharmacies to optics and orthopedic goods. The same goes for bookstores (+10%), sporting goods stores (+16%), and hardware stores (+18%).

On an economy-wide scale, direct insolvencies declined slightly (-1.2%), while judicial reorganizations increased by 4.2%. Enterprises with fewer than three employees accounted for 75% of procedures, with 10,960 defaults, up 2.9%.

For Thierry Millon, head of Altares’ studies, “the surge in insolvencies seems to have passed, but corporate financial fragility remains.” The study also identifies 50,510 threatened jobs in the third quarter, a figure down by nearly 3% year over year.