Suppliers are the last to be considered when assets of insolventcompanies are divided, after the state, banks, and employees, saysthe chairman of the National Association of InsolvencyPractitioners in Romania (UNPIR), Arin Stanescu.
"The degree of debt recovery from an insolvent company is a lotlower than 12% in Romania. World Bank data reveal that in theEuropean Union this percentage is of around 20%. We are faringsomewhat worse. The only ones who get their money back arestate-owned creditors and those with guarantees, maybe theemployees, as well, if they are insured by the Fund forguaranteeing salary debt. Unsecured creditors, mainly suppliers,manage to recover very little, if at all," Stanescu said at theInternational Conference dedicated to CFOs, organised by ForumInvest.
UNPIR data reveal that 150 million euros in debt were recoveredin the first half of 2009 from insolvent companies, with thingsworsening in the second half of the year, when sums recoveredamounted to only 50 million euros.
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