In the first quarter of 2013, 6,910 new insolvency procedures were open.
There were 167 insolvencies opened for companies with turnovers of more than EUR1 million, 13% fewer than in the same period last year.
“Although lower than in the same period last year, the number of companies with turnover of more than EUR1 million entering insolvency in the first quarter is till high. It is important to mention there were no insolvencies registered among companies with turnovers of more than EUR100 million, compared to the first quarter of 2013, when four such companies entered insolvency,” Coface said in a press release Wednesday.
Half of insolvencies opened in the first quarter were in Bucharest, the southern and central regions of Romania. In Bucharest, the number of insolvencies increased 27%. Areas with the largest drops in insolvency rates were the northeast (-34%), southeast (-33%) and northwest (-30%).