The first few months of this year came with a 20% decline in thenumber of new insolvencies, although banks and entrepreneurscontinue to have daily meetings seeking to reach common ground overdebts, amid problems still facing markets such as trade or realestate.
However, after two years of crisis, consultants, entrepreneursand banks have reached the conclusion that resolving issues quicklyis the best way, despite the law allowing a company to reorganiseits operations in a maximum of four years. This was one of theconclusions of the seminar "Will the string of insolvencies end in2011?," organised by Ziarul Financiar in partnership with Casa deInsolvenţă Transilvania (CITR) and law firm NNDKP (Nestor).
"Judicial administrators started to contact creditors and toanalyse the situation in the first week, so that at the firstmeeting after insolvency proceedings began, a mini-strategy couldalready be proposed. The entire reorganisation takes place in thefirst six months, when the toughest measures are taken," saidAndrei Cionca, managing partner of CITR.
Cionca says he is hoping most big companies whose reorganisationhe is handling will manage to avoid bankruptcy and that it ispreferable for banks to agree that debts be converted into sharesrather than erasing or cutting the debts, because in this casecreditors tend to lose confidence.
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