According to estimates of the commercial credit insurance company, the number of insolvencies grew by 5% in Romania last year, from 29,997 in 2013 to 31,500 companies. For 2015 they estimate a drop of 1%. According to the evolution of insolvencies in 2014, Romania ranked 10th out of 42 companies in the world analysed by Euler Hermes, after Singapore (25%), Hungary (12%), Italy (10%), Morocco (10%), Czech Republic (10%), Latvia (7%), Russia (7%), Norway (6%) and Slovakia (6%).
“Countries with high insolvency level trying to get stable are France, Italy, Finland, Greece, Norway, Hungary, Czech Republic, Slovakia, Romania and Morocco,” the report shows.
On the background of the estimated insolvency drop in 2015, Romania will go down ten positions in the world top. In Eastern and Central Europe (Russia, Turkey, Poland, Czech Republic, Hungary, Slovakia, Lithuania, Latvia and Estonia), Romania is a leader according to the number of companies which reached insolvency in the last two years and will maintain this position in 2015, despite an estimated insolvency drop.
In Russia there were about 10,000 insolvencies in 2014 (+10% in 2015), in Poland under 1,000 (+1% in 2015), in Czech Republic about 6,500 (+8% in 2015) and in Hungary a little over 15,000 (-4% in 2015).
The biggest insolvencies of 2014 include, according to Eurler Hermes, the meat and meat product processor Elit with business of 87 million euros, the building company Selina with 16 million euros, Planoil from the field of fuel (business of 138 million euros), Vegetal Trading, a meat processor (115 million euros), Marex, meat processor (110 million euros).
In the same field, Pro Meat Fresh with 41 million euros became insolvent last year, next to Agroli group with business of 33 million euros and Avicola Crevedia (72 million euros).
The Euler Hermes study based its data on the evolution of customers from its own portfolio at the end of November. The National Office of Trade Registrar reported a drop of the number of insolvencies by 27% to 19,700 firms at the end of November. (source: actmedia.eu)
