More than 5,250 companies in Romania became insolvent in the first nine months of 2026, approximately 12% more than in the same period last year, marking the highest level since 2018, according to an analysis by CITR based on estimates from the National Trade Register Office (ONRC).
During the same period, the number of companies with assets worth more than EUR 1 million that entered insolvency proceedings increased by 65%, while the number of those with assets worth more than EUR 4 million more than doubled (marking a 141% increase in proceedings in this category).
“A large company is effectively financed by its suppliers, and when it stops making payments, the difficulties spread along the chain. The warning signs are already visible in the data: declining margins, rising debt, overdue payments to suppliers concentrated among undercapitalized companies, while agriculture is simultaneously showing pressure on balance sheets, in banks, and in courts. For companies that are still viable, the timing of intervention determines how much can still be saved,” said Paul-Dieter Cîrlănaru, CEO of CITR.
Out of the nearly 230 additional insolvencies compared with last year, more than 190 came from just two sectors: agriculture (+94) and construction (+97). At the same time, trade and manufacturing recorded slight decreases in insolvency proceedings (approximately 5% in trade and approximately 6% in manufacturing).
The highest number of insolvencies was recorded in agriculture (+52.5%), with more than 90 additional proceedings compared with the same period last year. As a result, agriculture has become the second least profitable sector of the economy, while the non-performing loan rate rose from 2.7% in October 2024 to 9.8% in March 2026.
Construction is also affected, recording an increase in insolvencies of more than 10% and exceeding the threshold of 1,000 companies in insolvency in the first three quarters.
Regionally, the North-East was the region with the fastest growth in insolvencies (+21.8%) in the first three quarters of the year. Vaslui doubled its number of proceedings, Bacău recorded an increase of 48.5%, and Suceava one of 42.1%. Significant increases were also recorded in Bistrița-Năsăud (+77.6%), Vrancea (+69.0%), Arad (+41.2%), Brașov (+37.8%), and Hunedoara (+30.8%).
At the opposite end, the North-West is the only region where the number of insolvencies decreased (–5.7%), with declines in Cluj (–15.2%), Bihor (–11.9%), and Sălaj (–41.4%). Constanța also recorded a decrease of 15.1%. Bucharest remains the main center of insolvencies, with more than 860 cases, accounting for 18% of the total, but recording modest growth of 4.1%.
According to CITR, a large company entering insolvency does not remain an isolated case.
International economic research on trade credit chains shows that when a customer becomes insolvent, its suppliers suffer losses, and their own insolvency risk increases in line with the size of the loss. The effect is stronger during periods of economic slowdown and among suppliers with limited capital and liquidity. The same studies show that the chain of non-payments usually stops at large, liquid companies with access to financing, which absorb the shocks. When these very companies enter insolvency, the buffer disappears.
“In Romania, the conditions for contagion are present: supplier credit is a major source of financing, undercapitalized companies account for more than a third of trade payment arrears, and the value of payment defaults is increasing. For this reason, the doubling of insolvencies among large companies is a warning sign that goes beyond the actual number of recorded cases,” CITR said in a press release.
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