In 2025, corporate bankruptcies increased by 20% in Switzerland, due to cyclical economic difficulties as well as a new legislative environment, explains Marianne Bregenzer, Managing Director of the consultancy Dun & Bradstreet.
Corporate bankruptcies reached a record level in 2025, following four consecutive years of increase. Net business growth nevertheless remains positive, as the number of new company formations rose by nearly 5%. Marianne Bregenzer, Managing Director for Switzerland and Austria at Dun & Bradstreet, which regularly publishes studies on these issues, explains the economic and legislative factors behind these results.
What are the latest figures on corporate bankruptcies in Switzerland?
Marianne Bregenzer: The number of corporate bankruptcies rose sharply in 2025: 9,314 bankruptcies compared with 7,856 in 2024, representing an increase of around 18.6%. The cantons of Zurich (1,617), Vaud (884), Aargau (711) and Geneva (742) were particularly affected, recording the highest absolute figures. In cantons such as Appenzell Innerrhoden (+500%), Obwalden (+131%) and Uri (+113%), the percentage increase was especially pronounced.
Does this increase reflect a deterioration in the economic situation?
Bregenzer: The challenging economic environment explains much of this sharp increase, but it is also a direct consequence of the revision of the Debt Enforcement and Bankruptcy Act, which entered into force on 1 January 2025. Since last year, public-law creditors such as tax authorities, social insurance institutions and customs offices have been systematically required to pursue unpaid claims against companies through bankruptcy proceedings. Previously, these institutions could initiate debt enforcement proceedings but were not required to file for bankruptcy, which allowed over-indebted companies to continue operating.
What are the main principles of this legislative revision?
Bregenzer: The reform aims to put an end to the abusive use of certificates of loss and empty shell companies, to strengthen the recovery of public-law claims, to facilitate criminal prosecution of bankruptcy-related offences, and to effectively prevent the resumption of activities by repeat bankruptcy offenders through professional bans and entries in the commercial register. As a result of this revision, bankruptcy proceedings have increased, particularly in highly indebted or low-liquidity sectors. In the short term, this places a burden on companies and the judicial system. In the longer term, however, it should improve payment discipline and contribute to fairer competition. For this reason, the market consolidation envisaged by the legislator in 2025 should not be viewed as negative.
Which sectors are the most affected?
Bregenzer: The entertainment and leisure sectors were particularly affected, with the number of cases doubling compared with the previous year (+100%). The manufacture of durable goods recorded an increase of 95%, while personal services rose by 90%. Information technology and business services (both +80%), accommodation and food services (+51%), as well as the craft sector, which recorded an increase of 38% and the highest absolute figures of all sectors, also rose well above the previous year’s levels.
Is this upward trend likely to continue in 2026?
Bregenzer: The number of bankruptcies is expected to remain high in 2026, particularly in cantons where the authorities have so far applied the new practice with restraint. At the same time, economic indicators point to a certain stabilization, meaning that market consolidation could lead to greater fairness and competitiveness in the longer term.
Your latest study also notes a further increase in the number of new business formations. How can this be explained?
Bregenzer: New business formations in Switzerland have increased steadily over the past three years. A total of 52,973 companies were entered in the commercial register in 2024 and 55,651 in 2025. This corresponds to a year-on-year increase of 5%.
This development is mainly driven by strong motivation to become self-employed, the good availability of digital business models and advisory services, further supported by the introduction of artificial intelligence, as well as favorable conditions for business creation in regions such as Central Switzerland and Zurich. These include low taxes, a skilled workforce, targeted economic promotion measures and an attractive quality of life. Despite the simultaneous increase in corporate bankruptcies following the revision of the Debt Enforcement and Bankruptcy Act, net growth remains positive, with more new companies being created than dissolved.
Do you have any advice for entrepreneurs on how to better anticipate risks related to their customers and suppliers?
Bregenzer: Effective risk management begins with thorough due diligence on business partners. Companies always need to know who they are doing business with and ensure that all relevant information is up to date and complete. Transparency within the supply chain and in customer relationships is essential to identify and manage risks at an early stage.
