Coface ratings agency estimates a hike in insolvencies this year, considering that approximately 91,350 companies have filed for insolvency in the last five years, a press communiqué informs. Most of the companies that filed for insolvency are active in the retail trade, distribution and constructions sector. 22,650 companies filed for insolvency in 2011, the highest number of insolvencies in the last five years. Coface took into account companies that started bankruptcy procedures, companies that are undergoing judicial reorganization and companies for which the bankruptcy procedure has been closed, irrespective of the year they were started. The number of bankruptcies registered last year grew by approximately 4.42 per cent compared to 2010, back when 21,692 insolvency cases were registered. “Despite the economic growth registered in 2011, bankruptcies grew compared to 2010, which shows that in the real economy the crisis continued to make victims among companies weakened by the 2009 and 2010 recession and among weakly-capitalized companies,” Cristian Ionescu, Coface Romania, Bulgaria and Slovakia country cluster manager, stated.