The cumulated turnovers of companies that went insolvent in the first four months of the year amounts to 4 billion euros, i.e. 1.5% of the turnover of all companies in Romania in 2008.
Between January and April, 5,725 companies that together had over 100,000 employees went insolvent, according to Mediafax news agency, based on data from the Romanian Trade Registry (ONRC). Almost three quarters of them (74%) are microenterprises with less than 9 employees.
"95% of small companies have a slim chance of successfully reorganising their operations because in some cases it was creditors who asked for insolvency, and sometimes we don't even find administrators. Only 5% of them comprehend that they can continue their activity and accept the restructuring terms," says Radu Lotrean, managing partner of Casa de Insolventa Transilvania (Transilvania Insolvency Firm), in charge of reorganising Leonardo footwear chain after the company went insolvent last year. 2009 saw over 20,000 local firms become insolvent.
The cumulated turnovers of companies that went insolvent in the first four months of the year amounts to 4 billion euros, i.e. 1.5% of the turnover of all companies in Romania in 2008.
Between January and April, 5,725 companies that together had over 100,000 employees went insolvent, according to Mediafax news agency, based on data from the Romanian Trade Registry (ONRC). Almost three quarters of them (74%) are microenterprises with less than 9 employees.
"95% of small companies have a slim chance of successfully reorganising their operations because in some cases it was creditors who asked for insolvency, and sometimes we don't even find administrators. Only 5% of them comprehend that they can continue their activity and accept the restructuring terms," says Radu Lotrean, managing partner of Casa de Insolventa Transilvania (Transilvania Insolv
