Bostina & Associates wins irrevocable decision quashing Glencore Energy UK’ financial claims against RAFO
MARCH 2009
Bostina & Associates won for S.C. RAFO S.A. an irrevocable decision against the second appeal filed by Glencore Energy U.K. in the Brasov Court of Appeal. Glencore’s second appeal had been filed against the judgment whereby the court of the first instance judged as groundless the challenge formulated by Glencore Energy U.K. against the official receiver’s decision not to register a debt of USD 75,000,000, in RAFO S.A.’s table of creditors.
“By quashing the second appeal, the debt amounting to USD 75,000,000, invoked by Glencore Energy U.K. can no longer be registered in the table of creditors. Consequently, the decision to bar the request to record the receivable of Glencore Energy U.K., in RAFO’s table of creditors puts an end to a dispute that prevented the completion of the company’s reorganization procedures, and thus obstructing the company to attain its objective of re-entering the economic circle”, stated Bogdan Paraschiv, Partner lawyer with “Bostina & Associates” who lead the team that represented S.C. RAFO S.A. in court.
The official receiver of S.C. RAFO S.A. refused to register the debt in the table of creditors, considering it is not direct, liquid and payable. Consequently, Glencore Energy U.K. filed a challenge against the official receiver’s decision with Brasov Law Court. “Bostina & Associates” who represented S.C. RAFO S.A. before Brasov Law Court, gained its first success in this case on 2 October 2008. “After long deliberations, Brasov Law Court judged as groundless the challenge filed by Glencore Energy U.K. thus deciding in favour of S.C. RAFO S.A.”, adds Bogdan Paraschiv.
Glencore Energy U.K. filed a second appeal against the later judgment. However, on 19.03.2009 the Brasov Court of Appeal quashed the claim filed by Glencore Energy U.K.” After two weeks of deliberations the court decided once more in favour of S.C. RAFO S.A. and rejected the second appeal filed by Glencore Energy U.K.
Glencore Energy U.K. filed a second appeal against the later judgment. However, on 19.03.2009 the Brasov Court of Appeal quashed the claim filed by Glencore Energy U.K.” After two weeks of deliberations the court decided once more in favour of S.C. RAFO S.A. and rejected the second appeal filed by Glencore Energy U.K.