More Romanian companies enter insolvency in 2013, but new firms fill in the gap

Around 30,000 Romanian companies entered insolvency last year, up 10 percent on 2012. Over a third of the newly insolvent ones were retail companies, according to Trade Registry data. December saw the start of insolvency procedures for 2,400 companies, down on 3,500 in November and 3,300 in October. Most insolvencies were recorded in Bucharest – 3,700, up 5.4 percent on 2012 – and Bihor, with 1,800 insolvencies, a 40 percent growth on 2012. The smallest number of insolvencies was recorded in Calarasi – only 217 cases, and Olt – 244 cases. After retail trade, construction companies were the second most affected by insolvency – 3,800 insolvencies, which was however down on 6,100 in 2012. Hotels and restaurants kept a steady trend – 3,400 insolvencies, compared to 3,100 in 2012. Throughout 2013, 124,000 new companies were created, which was almost flat compared to 2012. End 2013, Romania had 1 million active companies. editor@romania-insider.com