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Stelian Garofil interviewed on the fraudulent insolvency issue

Stelian Garofil, Deputy Managing Partner at Dragne & Asociatii, was interviewed by the business publication business24.ro on the subject of insolvency and how fraudulent insolvencies are used by debtors to avoid paying their creditors. The interview was published under the title “Is insolvency the new black industry?” on 21 May 2012.

Stelian Garofil told the publication that fraudulent insolvencies are not a mass phenomenon, but rather, the large number of insolvency cases that have emerged in the last three years is due to the economic conditions that have affected businesses, and especially industries like real estate and constructions. Stelian Garofil noted that in 2011 and 2012 insolvencies have been on a descending trend.

He has also commented on the effects of insolvencies on the banking system, on how creditors can protect themselves in such cases and on the measures that the Romanian Government could use to diminish the effects of insolvencies on the economy.

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