THE EVOLUTION OF INSOLVENCIES IN CENTRAL AND EAST EUROPE

Bogdan Sticlosu Ph. D Student and Bogdan Pîrvulescu Ph. D Student
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Bogdan Sticlosu Ph. D Student: University of Craiova, Faculty of Economics and Business Administration, Romania
Bogdan Pîrvulescu Ph. D Student: University of Craiova, Faculty of Economics and Business Administration, Romania

Revista Tinerilor Economisti (The Young Economists Journal), 2015, vol. 1, issue 24, 113-122

Abstract: Vera Jurova during the „Insolvency Law in Europe – Giving people and businesses a second chance” Conference held in Jurmala – Letonia (23rd of April 2015), declared that following the financial crisis, the number of bankruptcy / insolvency broke out in all State Members. Although, at the moment, the trend is to stabilize, their number is much higher than before the crisis. This states, than within the European Union, half of the new created companies do not survive the first 5 years of activity and daily, 600 companies go bankrupt, which indicates that the number of annual bankruptcies rises to 200.000 companies. These figures must not be seen regionally at the European Union’s level as, because of the interconnections of the single market, the companies operate across borders (a quarter of them as stated by Vera Jurova) and the difficulties of one are chained transmitted towards the commercial partner companies.

Keywords: duration of insolvency; development of insolvency; companies in difficulty; the impact of insolvency legislation, bankruptcy; insolvency (search for similar items in EconPapers)
JEL-codes: M16 M41 M42 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:aio:rteyej:v:1:y:2015:i:24:p:113-122

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