A total of 7,553 new insolvency proceedings were opened in the country in 2025, the latest study by Coface Romania showed, a 3.84% increase compared to 2024.

The top three sectors in terms of the number of companies that entered insolvency last year are wholesale and retail trade/repair of motor vehicles and motorcycles (1,844), construction (1,580), and transport and storage (939), accounting for approximately 58% of the total number of insolvencies recorded in 2025. 

Four of the top seven sectors with the most insolvencies are also among the top seven sectors in terms of the number of insolvencies per 1,000 active companies (construction, manufacturing, hotels and restaurants, and transport and storage). 

The number of insolvent large companies, those with a turnover of more than EUR 500,000 in 2024, is also at its highest level in the last seven years, namely 684 (2025) vs. 610 (2024), according to the study.

"Overall, the domestic business environment faced many challenges in 2025, the most important being the decline in demand, the increase in operating costs, and the new fiscal measures implemented starting in August 2025. In 2026, we expect a deterioration in payment behavior and a continuation of the upward trend in the number of insolvencies. In such a context, effective risk management and robust financial governance become determining factors in avoiding operational bottlenecks and maintaining financial stability," Alina Popa, country manager of Coface Romania, said.

"The data reveals an upward trend in the number of companies opting to open preventive concordat procedures. For example, in 2025, 221 such proceedings were opened, compared to 96 in 2024, and 61 preventive concordat proceedings were opened in 2023. There is also a high proportion, approximately 22%, of companies that have entered into insolvency and were established before 2010. This, combined with the fact that 2025 saw the highest number of registrations (153,425), suggests structural changes in the economy," Tiberiu Chesoi, head of the Claims Department at Coface Romania, added.

After a historic low in 2021, the trend in total amounts refused for payment reversed. Thus, in 2025, the strong growth observed in 2024 continued, reaching a level of RON 3.5 billion, the highest in the last seven years. The number of refused payment instruments increased by 12% compared to 2024 but remained below the level recorded in 2019, reaching 43,600.

Most of the insolvencies opened in 2025 were recorded in Bucharest (1,359) and in the counties of Bihor (661) and Cluj (511). Of the 7,553 insolvencies opened in 2025, Bucharest continues to account for the largest share (18%). 

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simona@romania-insider.com