Major insolvencies spiked by +22% in 2017, up to 321 cases. The most affected sectors: Services (+16 cases), notably in Central & Eastern Europe. Retail (+10), due to a US surge. Construction and Agrifood, where more than half of cases occurred in Western Europe. While global growth is in sync, risks abound: competition affects Services, digital disruption (Retail), commodity prices (Agrifood), indebtedness (Construction) and overcapacity (Metals).