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More than 6,700 companies became insolvent in 2022, a 10 pct increase compared to 2021 (6,144), 67 of which are impact companies, with more than 5,500 employees, registers assets worth over 1.5 billion RON and debts to the state budget of more than 170 million RON, according to an analysis by CITR, told Agerpres.
The number of impact companies going bankrupt remains 67, approximately 1 pct of the total of those in imminent insolvency, a similar percentage recorded in 2021.
"Despite the attempts made by the European regulations to encourage fast and efficient restructuring mechanisms, we observe a persisting inertia regarding companies in difficulty. Although in Romania we have two new restructuring mechanisms introduced in time in our legislation, we notice that only 1 pct of the impact companies that could benefit from restructuring came under the protection of the insolvency law, most of them procedures at the request of creditors, not of their own free will," said Paul Dieter Cirlanaru, general director of CITR.
The impact companies study published by CITR at the end of 2022 shows that 43 pct of companies postpone the decision to take recovery measures for more than 3 years, the consequence being the disproportionate increase in the volume of debts to maintain activity. However, the postponement reduces the chances of recovery.
Last year there was an increase in the number of restructuring procedures in the pre-insolvency outside the insolvency area through the application of the tax facilities made available to companies. This market trend shows that entrepreneurs looked for specific debt reduction measures.
CITR is a company that has been active in the insolvency and restructuring market in Romania since 2008. With over 22 years of experience on the insolvency market and over 1100 projects managed over time, CITR annually manages assets of 1 billion of euros and annually distributes over 100 million euros to creditors, in its mission to save the value of Romanian impact companies. CITR is an Impetum Group company.
