Last year, insolvencies dropped by 28% overall. However, they had a significant social and financial impact, as employee dismissals went up by a quarter, said Iancu Guda, economic analyst with Coface, cited by local Mediafax.

Small companies, with a turnover below EUR 100,000, accounted for 98% of the decrease in the number of insolvencies.

Romania’s rate of 45 insolvencies at 1,000 companies is the highest in the region. It is four times higher than the regional average.

The share of the companies that manage to reorganize is of only 3%, ten times smaller than the region average. (source: Romania-insider.com)