Insolvencies recorded in the first quarter of 2015 went down by 58% year-on-year in Romania. The number of companies that filed for insolvency reached 2,740, according to Coface Romania.

The incidence of insolvencies in Romania is four times higher than the average on a regional level, reports local Capital.ro.

However, 98% of the decrease in insolvencies was recorded among small companies. The number of insolvent companies with a turnover of over EUR 1 million went up by 13%.

About 60% of the companies with assets of over EUR 1.5 million are under imminent insolvency risk or in difficulty, said Andrei Cionca, general manager of insolvency firm CITR Group.

“The drop in the number of insolvencies is an inconclusive quantitative indicator about the state of the Romanian economy,” Cionca said. “The companies which were in difficulty and went through insolvency haven’t significantly recovered.”

editor@romania-insider.com