Bostina & Associates wins irrevocable ruling that ends SC Timpuri Noi S.A. insolvency procedure

News

MARCH 2009

Bostina & Associates irrevocably won, at The Bucharest Court of Appeal, the appeal against the decision to initiate the general insolvency procedure of SC TIMPURI NOI SA of Bucharest. Consequently, the insolvency procedures against the company is irrevocably stopped, as Triada Prod Impex SRL and the company’s former manager, Alberto Bolboaşă, which had filed the claim, are no longer allowed to initiate a new procedure for the same claims.

“The ruling passed by the Bucharest Court of Appeal is irrevocable and, consequently, SC TIMPURI NOI SA will no longer face the insolvency procedure. Furthermore, based on the current court decision, no new insolvency procedure may be reinitiated”, says Bogdan Paraschiv, Partner of Bostina & Associates who led the team of lawyers that assisted Timpuri Noi in court.

The insolvency procedure against Timpuri Noi was initiated by the Bucharest Court of Law on 10 October 2008, as Triada Prod Impex SRL and the factory’s former manager, Alberto Bolboaşă, complained that they have unquestionable, liquidated and payable claims of approximately EUR 80,000.

On 23.10.2008, Bostina & Associates obtained in the Bucharest Court of Appeal, the provisional suspension of the procedure for the insolvency against S.C. Timpuri Noi S.A., which resulted in the temporary cessation of any procedural acts of the official receiver, until the settlement by the court of law in this respect.

The last ruling was rendered on 11.03.2009, when the Bucharest Court of Appeal admitted the appeal filed by S.C. TIMPURI NOI S.A., advised by „Bostina & Associates”, against a decision of the Bucharest Court of Law ordering the initiation of insolvency procedures. No legal remedy can be exercised against the Court of Appeal’s current ruling as it is final and irrevocable.

“The Court of Appeal’s Decision no. 432 of 11.03.2009 admits he appeal filed by SC Timpuri Noi SA, against the requests for the initiation of the insolvency procedures filed by creditors SC Triada Prod Impex SRL and Bolboaşa Alberto. Consequently, it orders the rejection of the requests for the initiation of the procedure as requested by the said creditors. The ruling of the Court of Appeal is irrevocable” adds Bogdan Paraschiv.