ECONOMY FINANCE&BANKING

Insolvencies number drops by 20.96 percent in first nine months

A number of 5,987 companies entered in insolvency in the first nine months of 2016, declining by 20.96 percent compared to the same period of 2015, the data of the National Trade Register Office (ONRC) reveals.

The most cases were recorded in Bucharest, namely 1,205 (-11.14 percent compared to the period January-September 2015), the capital being followed by Bihor County with 422 (+5.66 percent) and by Iasi County with 354 (+11.32 percent). Depending on the activity branch, the most insolvencies were recorded in the retail and wholesale trade, vehicle and motorcycle repairs, 1,863 respectively, declining by 24.54 percent compared to the first nine months of this year.

Moreover, 12,699 companies suspended their activity, the number being lower by 2.46 percent in comparison to the same period of the previous year, while the capital took the lead and recorded 1,844 companies (+13.34 percent).

In regards to dissolutions, they increased by 23.64 percent in the first nine months of 2016, namely being 23,579 cases, most of them were also recorded in Bucharest 5,156 (+40.95 percent).

Romania has an insolvency incidence of 1,000 active companies of over three times higher than the average recorded on a regional level by 23 insolvencies to 1,000 companies, being exceeded only by Serbia, Service Director Coface Romania Iancu Guda claims.

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