English• The amount equals half of last year"s net profit
The bankruptcy of some of the customers of Rafo caused a loss of almost 3.95 million lei for the refinery Rafo. The shareholders of the refinery based in Oneşti recently approved the recording of this amount as cost, becuase the receivables in question can no longer be collected due to the fact that the receivables in question can no longer be recovered because the debtors entered bankruptcy.
Bankruptcy practitioners claim that an increasing number of companies have begun taking our insurance against the risk of their customers going bankrupt.
The economic crisis is causing many companies serious losses due to their customers" bankruptcy, but there are some cases where certain companies try to exploit the current circumstances, to avoid honoring their contracts, by deliberately going into liquidation.
Over 90% of the companies which entered bankruptcy lately are liquidated, whereas three-or four years ago they would be offered a chance of reorganization, bankruptcy practitioners say. For this reason, they advise companies to ask for specialized help if they are in trouble, before it is too late and their businesses are wound-up. Last year Rafo made a profit of 7.4 million lei, which shareholders decided to allocate to partially cover the losses of the previous years. Which shows that the company lost over half of last year"s net profit due to its debtors which entered bankruptcy.
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