Eurohold, the parent company of Euroins, is trying to buy some of the most important receivables held by companies not related to insurance, such as law firms, advertising and IT, according to sources cited by Adevărul.
According to the quoted sources, at the deadline that takes place on Friday, May 26, the Bucharest Court will also choose the company that will carry out the entire insolvency procedure, this may also be one agreed by Eurohold, which has such a right to oppose the appointment to a liquidator he does not approve of.
“At the previous term, all 6 Qualified creditors who made a liquidator proposal chose one of the practitioners approved by the ASF. In the last days, these creditors (4 lawyers, an IT company, an advertising company) were allegedly contacted by phone by a person who presented himself as a representative of Euroins and who proposed to them that a Romanian company buy them receivables. By this time, at least two of the lawyers would have sold the debt held at Euroins. It is expected that all offered creditors will sell their claims to Euroins, realizing that this is a much more advantageous solution than (limited) recovery in bankruptcy proceedings. The buyer of the receivables is Eurohold, the parent company in Bulgaria, and the takeover of the receivables gives the new creditor the opportunity to propose another liquidator preferred by Euroins”, Adevărul sources said.
“There are situations in which the buyer does not want his identity to be known and prefers to buy the receivables through intermediaries”, claim the insolvency specialists.
Moreover, legal sources claim that at the deadline of April, the specialist insolvency firm approved by the FSA would be CITR, while Eurohold, the parent company of Euroins, would approve another specialist – Maestro SPRL – which also managed the insolvency of COS Târgoviște , sold in full bankruptcy proceedings.
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