COFACE: Western Romania has lowest bankruptcy rate

The West of the country is seeing the lowest number of firms going into administration or filing for bankruptcy, totalling just 9% of cases of insolvency filed in the last 17 years, shows a study conducted by COFACE, a company specialising in risk management. The Western part of the country saw half as many bankruptcy cases as Bucharest, i.e. 914 against 1,931. The county with the fewest cases of bankruptcy is Calarasi, just 41 cases, i.e. less than 0.4% of the 10,431 cases reported so far. Bucharest is followed by Bihor (with 5.5%), Brasov (with 4.95%) and Galati (with 4.1%). The study took into consideration companies undergoing bankruptcy proceedings, those under administration and also companies for which bankruptcy proceedings have ended, irrespective of the year when the proceedings were started. The study includes 4,604 firms undergoing bankruptcy procedures, 1,625 undergoing administration procedures, 3,710 that had closed the administration and bankruptcy proceedings and 495 that had closed the administration or bankruptcy proceedings due to a lack of assets.