The system really had broken down long before that - the Congress of Vienna held that the main powers would meet regularly to intercede in crises in Europe and decide amongst them the best course of action. However the system set up was seen to have largely failed by the early 1820s.
Britain went into splendid isolation from 1818 and only interceded in issues that directly affected them. The last time all the powers met was at Verona in 1822 to settle revolutionary issues in Spain, at which Britain disagreed with Frances intervention, and the last successful Concert related meeting was in London in 1832 to settle Greek Independence, but only Britain, France and Russia were involved.
The main issue with it and the criticisms it faced was that it was too conservative, and ignored nationalism amongst smaller states and the general move towards liberalism, that manifested itself in a wave of revolutions in 1848.