Trade Registry: Over 7,000 Romanian Firms Went Insolvent In January-May

About 1,164 Romanian firms defaulted on their debts in May and the number of insolvencies reached some 7,100 in the first five months of 2013, down 4.5% on the year, according to Trade Registry data.

In January-May 2012, 7,427 firms entered insolvency.

Brasov county registered the highest number of insolvencies in January-May, 729, up 63.1% on the year. Dolj and Bucharest followed with 629 and 554 firms that defaulted on their debts.

In Calarasi only 15 firms defaulted on their debts, while no firm in Harghita county filed for insolvency in the analyzed interval.

Most of the firms facing financial difficulties operate in the trade sector (2,200), the processing industry (848) and the construction sector (928).

Between January and May, some 10,702 firms suspended their activity, up 1% compared with the similar interval a year ago.

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Over one million firms were active in Romania at the end of May.

According to Trade Registry data, over 90,000 local companies went insolvent since the start of the economic crisis, in 2008, of which 16,400 in 2012 alone.