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Applications of insolvency on a strong upward trend

2011 saw an increase in applications for insolvency filed by creditors, compared with 2010. Applications by debtors also increased.

If before the economic crisis debtors were quite reluctant to request the opening of proceedings, fearing their commercial images to be affected, they now see this action as a life preserver, which gives them a chance to restructure the debt and to survive“, our partner Daniel Cirstea told Avocatura.com.

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