The construction sector is the main driver of compulsory liquidations

Across the country, the North-West and Central regions account for 28.8 per cent and 28.2 per cent respectively of court-ordered liquidations, with Lombardy topping the list due to its higher absolute figures in terms of the number of companies. This region accounts for 22.2 per cent of the national total, ahead of Lazio (18.2 per cent) and Campania (10.3 per cent).

What is particularly worrying, however, is the demographic data, which shows a particularly sharp rise in insolvency proceedings amongst the youngest firms: for those up to five years old, the increase is close to 50 per cent.

As for insolvency proceedings, which are indeed on the rise, the figures are nonetheless lower than those recorded before the Covid-19 pandemic; there has also been a slight improvement in payment data, indicating that the system is essentially holding up. Cerved’s Payline database shows shorter payment times compared with the same quarter of 2025 across all company size categories, with the most marked improvement among medium-sized enterprises: 61.31 days compared with 62.72, whilst large enterprises have seen a reduction from 72.35 to 71.57 days. The relationship between company size and overall payment times remains structural: these increase as one moves from micro-enterprises to large enterprises.

However, a closer look at the figures puts this positive trend into perspective. It should be borne in mind that the overall improvement stems largely from a reduction in the number of days agreed under contract. As regards punctuality, micro and small enterprises have in fact reduced their delays by 0.47 and 0.20 days respectively compared with the second quarter of 2025, whilst medium-sized and large enterprises have increased theirs by approximately 0.49 and 0.25 days.

The pressure on fuel prices and the additional costs that businesses are forced to bear are among the possible explanations for the sector-wide trend, which shows the greatest increases in delays precisely amongst transport vehicles. Here, the delay has risen from 10.6 to 12.2 days – the largest increase among the sectors analysed.

The Fashion sector, FMCG, Chemicals and Pharmaceuticals, Intermediate Goods and Property are also seeing their performance deteriorate. Agriculture remains at high levels, at 12.6 days, but has improved compared with the 12.9 days recorded in 2025.

Across the country, the North-East has the shortest delay, limited to just 6 days compared with the agreed times, whilst in the South and the Islands the delay is more than double that, averaging over 13 days. Among the regions, Sicily stands out with 17 days, followed by Sardinia and Calabria, both exceeding 14 days.