Over 34,000 insolvency procedures for juridical persons over 2019-2024

Over 34,000 general insolvency procedures for juricial persons were recorded over 2019-2024 as well as 172 procedures for physical persons, according to data presented on Tuesday by Valentina Burdescu, the CEO of the National Office of Trade Registrar (ONRC), at the debate “Restructuring – prevention measure for insolvency”, organized by Financial Intelligence.   “Over 2019 and the first quarter of 2024, we have recorded 34,087 general, simplified insolvency procedures, observation or bankruptcy, including judiciary reorganization. 19,674 procedures closed down or are going on. At present, there are 14,413 prcedures from the evidence of Insolvency Procedure Bulletin pf the Trade Registrar basedon foreclosure court decisions and of notifications made by insolvency specialists about carrying out these procedures. For present insolvency procedures we should analyse and remember at least the fact that for procedures open in 2018, 1,044 insolvency procedures are still being carried out at present, which means they began exceeding the 5 year deadline. For procedures opened in 2020, 970 procedures are still used. For those opened in 2021, 1,697 procedures are in operation, while for those of 2022, 3,275 procedures are still going on. In 2023, almost all procedures – 5,607 are in that stage, out of 6,772 procedures”, Burdescu mentioned.   He added that, in the first three month of the present year, there are 1,820 insolvency procedures carried out.   As for insolvency procedures of natural persons, official data show that in the period of time analysed 2019-2024, 172 administrative procedures for debt return were reported. Of them, 166 represent procedures carried out at present.   “In the case of insolvency procedures through the liquidation of debts we have 17 procedures and a single simplified insolvency procedures, which is a small number. We may say that 2023 was the year when we recorded most procedures, that is 67 procedures for natural persons,” said Valentina Burdescu.   Financial Intelligence publication organized on Tuesday the debate “Restructuring – an insolvency prevention measure.”