Some 5,000 bankruptcies in S1 2009

Arin Stanescu, President of the National Union of Insolvency Practitioners in Romania (UNPIR), told Business Standard that the number of bankruptcies has risen especially due to the economic situation, which has worsened in the recent period. “The growth started as far back as the last quarter of last year, when we had 5,000 new files. There were a total of 14,500 files in 2008, and the number could reach 20,000 this year, added Stanescu. He also said that if the lump-sum tax is introduced next month, the number of companies to file bankruptcy could exceed 20,000 in 2009.