Over 13,000 Romanian firms become insolvent in eight months

The first eight months of this year proved to be tough for 13,265 Romanian firms which became insolvent. The number was 5.7 percent below the one posted during the same period in 2010. Almost 15,000 companies suspended their activity during these first eight months, down 72.8 percent on the same period in 2010, according to the National Trade Registry (ONRC).

Most of the companies which turned to the insolvency procedures were in the trade area, in constructions and in the manufacturing industry. Bucharest led the way with 1,413 insolvent firms, followed by Dolj – with 935 and Constanta, with 808. “Overall, 2011 will not be much below the 2010 level on new insolvency filed, as the second half will see an upturn caused by terms set for the second half of the year, as well as by the evolution of the economic environment,” according to Casa de Insolventa Transilvania. There were over 928,000 firms in Romania at the end of August. Last year, over 21,000 companies became insolvent, up from 19,800 in 2009. editor@romania-insider.com (photo source: Photoxpress.com)