The number of insolvencies in Romania is likely to exceed 20,000 in 2009 from 14,500 a year earlier as a repercussion of the global financial crisis, the National Union of Insolvency Practitioners (ANPIR) forecast. Around 1,600 cases of insolvency were recorded in January from 1,000 in the same month of the previous year, ANPIR president Arin Octav Stanescu reported. Debt recovery fell to 2.0 million euros in January from a monthly average of 35-40 million euros in 2007 and 2008.
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