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Romania’s No Of Insolvency Proceedings In 2010 Might Exceed Level Reported Last Year

The number of insolvency proceedings in 2010 might exceed the level registered in 2009 when 20,000 companies filed for insolvency, said the National Union of Romanian Insolvency Practitioners (UNPIR) president Arin Stanescu.
Romania’s No Of Insolvency Proceedings In 2010 Might Exceed Level Reported Last Year
06 iun. 2010, 13:05, English

About 8,000 insolvency proceedings were initiated in the first four months of the year, which equals the total number of insolvency files opened in 2007, Stanescu said Sunday on private television ProTV.

According to Stanescu, the situation is triggered mainly by the economic crisis the country is currently facing. He highlighted there are firms that invested in the realty sector even if this wasn’t their area of activity, adding they themselves asked for the opening of insolvency procedures.

Stanescu said the state’s unpaid debts to companies in the industry and the construction sectors are another major problem that causes the number of insolvency files to increase.