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September 15, 2019

Sequence of bankruptcies

An increasing number of companies experience business hindrance, and because of this, they use the insolvency procedure. Bankers say that the situation has become general and it is far from being easier this year. At the end of May, there were 9687 companies which entered, since the beginning of the year, under the incidence of Law no. 85/2006 addressing the insolvency, by 3646 more (+60.35 per cent) compared to January – May 2008. “The situation has generalized. First, crisis induces a feeling of fear among all stakeholders in economy, regardless if they are large or small”, according to the executive manager, responsible for companies and SMEs, within Banca Transilvania, Tiberiu Moisa.

The business hindrance is also present among the famous names in Romania. Thus, the construction company Baumeister, controlled by businessman Dan Adamescu, registered, with Bucharest Court, on June 4, a payment summon against Cometex, owned by the owner of Altex group, Dan Ostahie, for a debt. The first deadline for court ruling was set for July 8.

The supermarket chain Spar registered, last week, with Bucharest Court, a file by which they ask for insolvency to be declared against Flanco International, because of an unsettled liability amounting to RON 150,000. Another case is Snack Attack, which entered insolvency, because of the liabilities they have towards the former poultry supplier Convenience Prod. Romanian Commodity Exchange (BRM) experienced difficulties and even National House for Heath Insurance (CNAS) has difficulties.

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