Although fewer companies went into insolvency in the first half of this year, these companies were much bigger. The volume of business affected by insolvency in the first half of the year was 200% higher compared to the same period in 2015, according to an analysis by local insolvency house CITR.

The number of companies that became insolvent in the first five months of the year dropped by 9% year-on-year.

Some 95 companies with assets of over EUR 1 million became insolvent between January and May 2016. Another 133 companies with assets of over EUR 1 million filed requests to become insolvent.

Agriculture, manufacturing, and real estate sector were the sectors most affected by insolvencies in the first half of 2016 whereas services, constructions, and trade were the most affected sectors in the first half of 2015.

The beginning of the year saw the insolvency of several large companies such as the Interagro group, STG Steel, Prospecţiuni, Sity International, and CET Govora.

editor@romania-insider.com