The Evolution of Insolvencies in Central and East Europe
The Evolution of Insolvencies in Central and East Europe
Author(s): Bogdan Sticlosu, Bogdan PîrvulescuSubject(s): Supranational / Global Economy, Micro-Economics, Economic development, Accounting - Business Administration
Published by: Editura Universitaria Craiova
Keywords: duration of insolvency; development of insolvency; companies in difficulty; the impact of insolvency legislation; bankruptcy; insolvency;
Summary/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.
Journal: Revista tinerilor economişti
- Issue Year: 2015
- Issue No: 24
- Page Range: 113-122
- Page Count: 10
- Language: English