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Company insolvency, set on an upward trend in 2018, caused losses of RON 9.6 billion in 2017: ONRC statistics

de Adrian N Ionescu , 23.4.2018

The number of companies and authorized natural persons (PFA) which have declared insolvency increased by 19.31% in the first quarter of 2018 compared to the same period in 2017, to 2,305, according to data published on the website of the National Trade Register Office (ONRC), mentioned by Agerpres.

Most companies and PFAs declared insolvency in Bucharest: 445 (up 18.66%), followed by Bihor county, 148 (29.82%), and Iasi, 144 (+29.73%).

By field of activity, the highest number of insolvencies has been recorded in the wholesale and retail trade, repair of motor vehicles and motorcycles – 697 (+ 25.59%).

Also, between January and March 2018, 5,725 companies have suspended their activity (+ 42.98%) and 9,793 were dissolved, which represents a 60.83% increase.

Insolvencies in Romania remain at twice the average in the Central and Eastern Europe (CEE), according to the data provided by Coface officials in February.

Year 2017 has brought 8,256 new insolvency processes, up 3% from 2016, when 8,053 new processes have been registered.

The level of losses caused by insolvent firms in 2017 amounted to RON 9.6 billion, up 13% compared to the level of RON 8.5 billion recorded a year ago.

Despite the minimum level reached in the last 15 years, Romania reports an average level of insolvent companies related to 1,000 active companies of 2.4%, which is almost twice the average in the Central and Eastern Europe.

The number of jobs reported by insolvent companies in 2017 amounts to 47,578, 32% lower than last year.

The three major mistakes made by companies that have defaulted are poor financing of investments, wrong investments and aggressive dividend policy.

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