Romanian insolvency professionals' union launches insolvency auctions website in Romanian, English

The insolvency professionals in Romania grouped under the National Union of Insolvency Practitioners UNPIR recently launched a website which puts together sale announcements of goods from insolvent companies. The site licitatii-insolventa.ro also has an English – language version, goodsforsale.eu. The site places offers for cars, apartments, office furniture and telecom products, and targets local and international companies as buyers.

“We started this project taking into account the entire context: an insolvency market that has been going steadily up in the last five years, and each year 10 percent more insolvency files are open, with a low liquidity volume on the market,” said Arin Octav Stănescu, president of UNPIR. The site currently has 900 sale offers, with a total value of some EUR 177 million based on the asking price. In 2011, over 19,000 companies became insolvent in Romania. In 2012, over 23,000 companies started insolvency procedures. Several big companies in Romania filed for insolvency, including the state owned energy producer Hidroelectrica, chemical producer Oltchim, road builder Romstrade, a former Mechel factory, various real estate projects. editor@romania-insider.com