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Euro Construct Trading ’98 got into insolvency
The construction company Euro Construct Trading ’98 controlled by Sorin Vulpescu and Dan Besciu got into insolvency due to a crisis of liquidity, the company announced on Wednesday that they received the approval on the part of the tribunal at the request for judicia reorganisation, lodged to the Tribunal Bucuresti, sectia VII Civila.
Euro Construct Trading ‘98is the third among the local construction companies on a market where other companies activate such as Delta Antrepriza de Construc?ii ?i Montaj, Tancrad, Fcc Construccion Barcelona sucursala Bucure?ti, Tel Drum and Tehnologica Radion.
The company is known for the fact that they obtained several contracts with the state,the last contract being Pasajul Sudului of Bucuresti.
‘The reason for which the company needed to use this legal provision is the crisis of liquidity which the company has met since quarter II /2017 and which was generated by the non-collection of the sums due to the company by the beneficiaries of the works that the company has already done until the present’ the representatives of the company say.
They say that the beneficiaries of the company are,mainly, companies which administer the transport infrastructure of Romania, and the delays in payment for the sums, liquid due to the company – in some cases- surpass three years since the finalisation of the works.
The representatives of the company say that the company has a stable and positive financial situation,registering profit in its activity permanently, during the 19 years since its set up on 26 June 1998 up to the present.
‘The sums which the company has to collect at present surpass the debts of the company, so that there is the certainty to overcome this crisis of liquidity created by the unjustified delay in the due payments for the company’ they say.