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Business, the biggest legal persons in insolvency worth 5.18 billion lei in 2018
Over 18,400 employees were affected by the insolvency procedures included in 2018 with big entitites, and the total turnover of the 200 legal persons in this procedure goes up to 5.18 billion lei, stated Stan Tirnoveanu, prime-vice-chairman of the National Union of Practitioners in Insolvency (UNPIR).
‘The data of the Register of Commerce show that in 2018 there were in insolvency 8,304 professionals, against 9,100. As number we are ok, as an effect we shall see.. as not the number is important but the effect with regards to the number of workplaces which were affected. The quantitative element is very important. The biggest 200 corporate insolvency last year had a turnover of 5.18 billion lei. Similarly, there were affected 18,450 employees only in big entitites. If we want to have the total representation of the workplaces affected we should, at least multiply by three’ Tirnoveanun said, in a specialty conference.
According to the UNPIR representative, the total sum distributed during last year by creditors increased to the value of 2.44 billion lei.
The estimates of Coface Romania show that the number of insolvencies will grow. In Romania with 20% between 2019 – 2020 the most affected will be the small and medium enterprises (SME) and constructions. The financial loss caused by the companies in insolvency over the last three years were situated between 8 and 9 billionn lei, much under the level presented between 2014-2015 according to the consultancy company.
The official statistics of the National Office of the Commerce Register (ONRC) show, at the same time, that in 2018 the number of companies in insolvency was 8,177, dropping from 8,256 in 2017. Most insolvencies were registered in the sector of constructions (1.321) followed by retail (1.293) and wholesale and distribution (1,239).
At the same time, the number of commercial entitities and natural authorized persons in insolvency dropped last year with 8,77% as compared to the similar period of the previous year at 8,304. Most companies and PFA in insolvency were recorded in Bucharest, 1,637 respectively,dropping by 17.66% against the same period of 2017. The hierarchy goes on with Bihor county (571 insolvencies + 10.87%), Timi? (432, +6,93%), Ia?i (423, -27,44%) ?i Constan?a (414, +4,28%).
During 2018 18,038 companies suspended their activity, going up by 10.12% against the previous year out of which 1,375 in December. Similarly, 34,358 companies were dissolved with 10.13% more than in 2017.
The specialists in insolvency, the representatives of employers’ association and other specialists associations take part, on Thursday in the 6th edition of the conference The Code of Insolvency, organized by the Press group Bursa at the headquarters of the Chamber of Commerce and Industry of Romania (CCIR) of Bucharest.