“Insolvency law is on the Government’s worktable. A high number of investors claim the law is unfair for the correct companies, as long as the suppliers could no longer cash their money as the partners go insolvent. We therefore aim to change Insolvency Law,” said Grapini.
According to official sources, the changes will mainly target stricter conditions to enter insolvency and a lower period of terminating it.
The number of companies going insolvent in the first eleven months of 2012 dropped 1.7% compared with the same interval a year ago, to 15,148, according to Trade Registry data. Over 40% of them operate in the transport, retail and the processing industry.
About 4,500 firms in the retail sector went insolvent in January-November, followed by 2,249 firms in the transport industry and 1,875 in the processing industry.