Coface: Insolvencies could further increase this year to 30,000

The number of insolvent firms could increase by 63 percent this year in Romania, reaching above 30,000, according to Coface. In the first three months of the year, 89 percent more firms filed for insolvency compared to the first three months of 2009. The first quarter of the year brought half as many insolvencies as last year. There were 18,421 firms in insolvency at the end of 2009 in Romania. These firms came from areas such as retail and constructions, which covered around half of the insolvency cases. The record number of insolvencies this year could also be triggered by the strike in the Romanian justice systems from last year, which delayed previously started insolvency cases, according to Coface. Read more about what happens once a firm files for insolvency in Romania - here.