Of the 34,400 firms that fell into insolvency last year, real estate, construction and retail companies were most severely affected domains, according to data from the National Union of Insolvency Practitioners in Romania (UNPIR).
It estimates that the market for insolvency services came to €25m in 2011.
UNPIR data show that over 20,000 insolvency procedures were started last year. In the 44 percent of the cases, procedure was initiated by creditors while for 56 percent by debtors.
