Romania had last year the second highest insolvency rate among active companies in Central and Eastern Europe, of 6.44 percent, according to Coface, quoted by Mediafax newswire.

The highest insolvency rate in the region was recorded by Serbia, with 7.61 percent.

Over 27,000 insolvencies were opened in Romania last year, double compared to the level in Hungary and 300 times higher than in Poland, given that the number of active firms is four times higher.

Over a third of the newly insolvent firms in Romania were retail companies, according to Trade Registry data.

December saw the start of insolvency procedures for 2,400 companies, down on 3,500 in November and 3,300 in October.

Most insolvencies were recorded in Bucharest – 3,700, up 5.4 percent on 2012 – and Bihor, with 1,800 insolvencies, a 40 percent growth on 2012. The smallest number of insolvencies was recorded in Calarasi – only 217 cases, and Olt – 244 cases.

editor@romania-insider.com