More than 13,500 companies have gone insolvent in two years andfour months; their cumulated business exceeds 11.3 billion euros,according to data centralised by ZF based on the information fromthe National Trade Registry Office (ONRC).
The number of insolvent companies and the volume of their businesshas increased year after year: whereas in 2008 the insolventcompanies totalled 2.3 billion euros, in 2009 the figure went up to5 billion euros, while in the first four months of 2010 the amountreached 4 billion euros. If the number of insolvency casescontinues to grow at the same rate until the end of the year, thenthe business of the companies having to reorganise may account formore than 5% of the turnover of all companies on the local market,compared with 1% in 2008.
A number of 113 companies with more than 250 employees each wentinsolvent in 28 months, which means at least 30,000 jobs ininsolvent companies are threatened. Legally speaking, theshareholders and the court-appointed administrators are allowed toterminate all employment contracts without having to go through thecollective redundancy steps. News of insolvency may have a majorpsychological impact on employees and the first effect is that theypanic and start looking for new jobs.
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