“This figure is absolutely normal. The first sector hit by insolvency was trade, followed by construction and real estate. ONRC data is very clear and matches our statistics,” the President of the National Union of Insolvency Practitioners in Romania (UNPIR), Arin Stanescu, told Business Standard. He added that the situation will worsen in the coming months, and indicated that this is the “darkest period for construction companies.”
The crisis in the real estate sector, which affects the construction market directly, will generate even more insolvency cases in the near future. “We will have more insolvency cases, because the real estate sector is not bouncing back, is unlikely to bounce back by next year,” the official added.
Laurentiu Plosceanu, President of the Romanian Association of Construction Entrepreneurs (ARACO), said that “the number of insolvency and bankruptcy cases in the construction sector will definitely increase in the coming year.”
“Considering that the government was not successful in implementing an anti-crisis measure program meant to support construction companies, very few contracts were generated in 2009, which will have a major effect on the construction sector this winter and in the first quarter of 2010,” Plosceanu added.
