Coface: Number of insolvencies down 14% in the first quarter

The number of insolvency cases opened in the first quarter dropped by some 14 percent, to almost 6,000, the most affected areas being the production and supply of electricity and heat, water and gas, mining and construction industries, based on the number of active firms, according to Coface. Over 6,900 insolvencies were opened in the first quarter of 2013. In Q1 2014, a total of 167 insolvency procedures were registered in the case of companies with turnover of over EUR 1 million, down 13 percent year-on-year. “Although declining, when compared to the previous year, the number of insolvent companies which recorded a turnover of over EUR 1 million is still high. But it’s important to mention that there were no insolvencies among companies with turnover of over EUR 100 million, considering that in the same period of last year, four such companies entered insolvency,” reads Coface’s statement, cited by local Wall-street.ro Irina Popescu, irina.popescu@romania-insider.com