No further major cases of large firms filing for insolvency have emerged in recent months. At the opposite end, the chances that a major player reorganises have soared after Asesoft took over the majority stake in Flanco.
The number of new filings for insolvency registered with the
Bucharest
Court of Law dropped from 5,120 to 4,189 in the first eight months
of this year, while nationwide August saw less than 900 new firms
going insolvent, half the monthly average of the past two
years.
The tendency of demanding the insolvency of business partners right
after conditions are met seems to be fading, after firms’
representatives started noticing this is not a rapid way of
recovering debts.
“Those retailers that in 2009 rushed to drive their business
partners into insolvency were probably a little disconcerted about
not having recouped their debts overnight, as procedures are
complex and can last quite a while. Thus, the market may switch to
other ways of recovering debts. Nevertheless, I believe a
conclusion may be drawn as late as in March 2011 on the trend of
the number of insolvencies,” stated Geanina Oancea, a partner with
BDO audit and consulting services firm.