Romanian insolvency administrator Casa de Insolventa Transilvania (CITR) recorded a turnover of EUR 7.6 million in 2013, up 16 percent compared to the previous year, and has distributed over EUR 62 million to the creditors, reads a statement of the company.

Last year, CITR added 109 new procedures to its portfolio and 49 procedures were concluded. In early-2014, CITR’s portfolio includes some 370 procedures, according to the company.

In the managed procedures, the insolvency administrator handles over 10,000 employees and assets worth around EUR 500 million, according to Andrei Cionca, founding associate of Casa de Insolventa Transilvania (in picture).

The rate of procedures that are in various stages of reorganization or observation remained constant from last year, at around 50 percent, reads the company’s statement.

In 2013 Casa de Insolventa Transilvania launched a national program aiming at informing the Romanian business environment on restructuring during and outside insolvency procedures. Over 1,300 managers and entrepreneurs in Romania have attended the seminars organized by CITR in seven counties.

Casa de Insolventa Transilvania has a team of 110 specialists, 40 insolvency practitioners and 12 work teams. The company managed the insolvency procedures for over 750 companies.

Irina Popescu, irina.popescu@romania-insider.com