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Romanian Commercial Debt To Grow 10% In ’10, To EUR1.1B – Collectors

The value of commercial debts will gain 10% this year, from EUR1.1 billion in 2009, with the highest impact segments including the residential segment, construction, transports, textiles, retail and distribution according to forecasts from the Romanian Commercial Debt Management Association (AMCC).
Romanian Commercial Debt To Grow 10% In ’10, To EUR1.1B – Collectors
25 mart. 2010, 14:23, English

„We will see wide unrest in real estate this year, especially on the residential segment, because many developers are unable to complete their projects. There are people who put up a 20-25% advance and who will lose this money. We are not speaking of investors who bought homes in bulk, but of the end user,” AMCC president Cristian Ionescu, who is also general manager of Coface Romania, told a news conference Thursday.

Last year, commercial debt collection companies recovered debts worth EUR264 million, mostly from individuals, representing 24% of the EUR1.1 billion commercial debt claimed by the creditors.

The companies within the AMCC, which was founded in 2007, hold together am approximately 80% share of the commercial debt collection market. Members include Coface Romania, Eos, Creditreform, Cycle, Creditexpress, Kruk International.