Number of insolvency cases up 70 pct

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The number of insolvency cases surged by some 70 percent January through July, 2009, compared with the same interval a year before, according to data released by the Romanian National Union of Insolvency Practitioners (UNPIR).
‘There were recorded 14,300 new files of insolvency opened this year on July 15, against 14,500 in 2008, that is a growth by approx. 70 percent.

There were 31,000 files existing on June 30, waiting to be solved,’ said lawyer Arin Stanescu from Stanescu, Milos, Dumitru and Associates and the UNPIR head, quoted by Ziarul financiar daily.

‘The most affected field is the commercial one, followed by investments in real estate, constructions and textiles,’ Stanescu said.
Bucharest and Constanta (southeastern) account for a quarter of the total insolvency procedures issued by the courts in the first quarter of the year, that is 16,700, according to data released by the Trade Register.

‘There exist many cases nationwide, not only in Bucharest, while the real danger in the insolvency area being represented by chain-reactions, in which several companies could be attracted.

For instance, the insolvency of a developer could attract the insolvency of at least 2-3 contractors,’ said lawyer Cristian Petre from Danila, Petre and Associates.
‘The most affected field was the construction field, the metal processing and the transportation,’ in the opinion of lawyer Cristian Petre.

‘The value of the debts to be recovered is extremely high, with many cases of insolvency among the big companies having appeared this year, which cumulated very high debts,’ said Petre.

The debt collector Urban and Associates in June published the top of the largest companies depending on the turnover, involved din insolvency cases.

Among the first 5 such companies there were Lukoil Romania, the National Railway Company – CFR, Electrica Distribution Transylvania North, Mechel Targoviste and Rafo SA.
‘Even a citation to appear in a trial for insolvency can put a company on the list,’ Urban and Associates explained.

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