At the end of the first half of 2011, 10,725 Romanian companies were in various stages of the insolvency process. This marks a slight reduction – by 4.42 pc -compared to the same interval of the preceding year, when 11,221 insolvency applications had been reported, but a 2.42 pc-rise compared to the preceding half-year, according to the latest Coface Romania study, released yesterday. Given the prolonged recession, the top positions in the bankruptcies’ ranking remained unchanged in the first half of 2011, with the (bulk and retail) trade, constructions and transport sectors – the most severely affected by the financial crisis. However, by mid-year, compared to the same interval of 2010, we witness a mixed trend, as the Horeca, agriculture and wood processing industry sectors joined the ranking. The sectors claiming the lowest ratio out of total insolvencies reported in the first half of 2011 remain the extractive industry, health and social assistance, the production and distribution of electric and thermal power, water and gas. The defining features of these sectors lie in restrictive access to investments and the limited number of players in the sector. The counties most sorely affected by insolvency are Brasov, Arges, Hunedoara and Satu Mare.