Most of the companies that went insolvent stand high chancesof avoiding bankruptcy, but to do it they must not expect financingfrom banks. This was the conclusion of the "Insolvency, the chanceof restructuring a business in times of crisis" seminar organisedby Ziarul Financiar in partnership with Noerrr, BDO, SMDA,Schoenherr and Casa de Insolventa Transilvania (TransilvaniaInsolvency Firm) yesterday.
Insolvency specialists say that they do not know of anycompanies in the last five years that have managed to get loansfrom banks after starting the procedure, so that the "fresh money"needed has to come from somewhere else.
Adrian Olteanu, general manager of Flamingo, presented areport on the situation of the company three months from the startof the insolvency proceedings, saying "there is life afterinsolvency", which means that although the company closed twostores, it had opened three lately.
The difficult thing to do was persuade suppliers, clients andeven its own employees that insolvency does not equal bankruptcyand the company actually stands chances of a successfulreorganisation.
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