More than 13,500 companies have gone insolvent in two years and four months; their cumulated business exceeds 11.3 billion euros, according to data centralised by ZF based on the information from the National Trade Registry Office (ONRC).
The number of insolvent companies and the volume of their business has increased year after year: whereas in 2008 the insolvent companies totalled 2.3 billion euros, in 2009 the figure went up to 5 billion euros, while in the first four months of 2010 the amount reached 4 billion euros. If the number of insolvency cases continues to grow at the same rate until the end of the year, then the business of the companies having to reorganise may account for more than 5% of the turnover of all companies on the local market, compared with 1% in 2008.
A number of 113 companies with more than 250 employees each went insolvent in 28 months, which means at least 30,000 jobs in insolvent companies are threatened. Legally speaking, the shareholders and the court-appointed administrators are allowed to terminate all employment contracts without having to go through the collective redundancy steps. News of insolvency may have a major psychological impact on employees and the first effect is that they panic and start looking for new jobs.

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