For this year, trade related credit insurer Euler Hermes estimates a slight decline, of 1%, in the number of insolvencies in Romania this year.
According to the survey, the number of insolvencies in Romania grew 5% in 2014, from 29,997 businesses in 2013 to around 31,500 businesses.
Romania ranks tenth by insolvency growth rate in 2014, after Singapore (25%), Hungary (12%), Italy (10%), Morocco (10%), Czech Republic (10%), Latvia (7%), Russia (7%), Norway (6%) and Slovakia (6%).
The survey notes countries with high insolvency rates and struggling towards stability are France, Italy, Finland, Greece, Norway, Hungary, Czech Republic, Slovakia, Romania and Morocco.
With an estimated decrease in the insolvency rate in 2015, Romania is seen dropping ten positions in the world ranking.
In Central and Eastern Europe (Russia, Turkey, Poland, Czech Republic, Hungary, Slovakia, Lithuania, Latvia and Estonia), Romania has the largest rate of businesses that went insolvent in the past two years and will maintain this position in 2015 despite an estimated decrease in the insolvency rate.
Among the biggest insolvencies registered in Romania last year, Euler Hermes mentions meat producer and processor Elit, with a turnover of EUR87 million, construction firm Selina, with a turnover of EUR16 million, fuel trader Planoil (EUR138 million turnover), real estate firm Synergy Invest (EUR45 million turnover), power producer Electrocentrale Galati (EUR44 million turnover), meat producer and processor Vegetal Trading (EUR115 million turnover), meat producer and processor Marex (EUR110 million turnover).
Also in the meat industry, Pro Meat Fresh, a EUR41 million business, went insolvent last year, as did Agroli, with a turnover of EUR33 million, and Avicola Crevedia, with a turnover of EUR72 million.
Euler Hermes based its study on data of its clients available at the end of November 2014.
Romania’s Trade Registry office reported a 27% annual drop in the insolvency rate at the end of November, to 19,700 businesses.