According to data centralized by news agency MEDIAFAX, a total 88,912 firms went insolvent over the past five years, since the start of the economic turmoil, accounting for around 9% of total active firms at the end of 2012.
The number of insolvencies saw a constant increase from 2008 until 2010. A total of 14,000 firms filed for insolvency in 2008, 19,900 firms in 2009 and 21,700 firms in 2010. The situation has gradually stabilized since 2010 and the number of insolvencies reached a comparable level in 2011 and 2012.
Most of the companies that closed their doors operated in the sectors of trade, distribution, transport, construction and the processing industry.
Over 70% of firms that halted their business activity in 2012 operated in the sectors of trade, transport, storage, construction and the processing industry. Companies operating in the retail sector were the most affected, with 4,752 firms going insolvent in 2012, up 2.3% from 2011.
In 2012, a total of 24,078 firms halted operations, up 14.19% from 2011, and over 125,600 new companies were enrolled with the Trade Registry, down from 132,069 companies in 2011. At the end of December 2012, the Trade Registry included over one million companies.