Insolvency cases up 7.6% y/y in Jan-Sep Coface Romania.

By bne IntelliNews November 14, 2012
The number of insolvency filings increased by 7.6% y/y to 16,481 in Jan-Sep, corporate rating company Coface Romania said in a press release. The number is also 17.2% above the levels in Jan-Sep 2010. The average indebtedness however declined to 55% of assets this year from 116% in 2011. The average debt recovery period also improved in 2012 to 140 days from 313 days last year. The highest number of insolvencies were registered in retail trade [22.3%], followed by wholesale trade and construction [15.8% each], according to company's calculated based on a representative sample of firms. The sharpest rise in the number of insolvent firms was seen in the retail trade [up by 17.4% y/y], real estate transactions [14.0% y/y] and hotels & restaurants [13.4% y/y]. The average number of employees in companies that are undergoing insolvency procedure increased by 10% to 9.69 this year, meaning that the social impact is even stronger than suggested by the rise in insolvency cases. The share of micro-enterprises [1-5 employees] in total firms entering insolvency in Jan-Sep this year reached 86%, but they accounted for less than 12% of the employees involved, less than 10% of the turnover and less than 0.5% of the debts involved. The share held by medium and large-sized companies in total turnover of the companies subject to insolvency increased to 70% this year from 38% in 2011 and 40% in 2009.
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