Braşov County Tax Authorities Initiate 426 Bankruptcy Cases

Ovidiu Vrânceanu, Braşov

The Brasov County Public Finance Directorate has initiated 426 insolvency cases against as many companies registered in Brasov County since the beginning of the year. The court accepted 274 cases, denied 17 cases and is currently trying 135 cases. According to representatives of the Brasov County tax authorities, the number of insolvency cases taken to court this year is relatively the same as it was in the corresponding period of 2008.

Four months through the year, 565 companies registered in Brasov County were struck off the Trade Register, while 1,195 new companies were set up, despite the difficult economic conditions. The figures for last year indicate that 1,804 companies were struck off, while 4,746 new companies were registered. A year before, 1,227 companies were struck off and 4,934 companies were registered. While the difference between this year and 2008 is not significant, the number of companies struck off the Trade Register increased by 50% from 2007 to 2008, while the number of new companies decreased.

According to information released by the National Office of the Trade Register, over 80,000 companies registered in Romania suspended their operations in the first six months of the year, up almost ten times from the corresponding period of 2008. The number of voluntary dissolution cases increased five times to 8,921.

Brasov County ranks third in the country by the number of suspended companies with 4,077 cases, followed by Bucharest with 12,527 cases and Cluj with 4,945 cases. As for voluntary dissolution cases, Bucharest is still first on the list with 2,689 cases, while Timis County came second with 601 cases.