Israeli-based Euro Habitat, which has for almost five years been developing Bucharest's 1,100-apartment residential complex Planorama, went insolvent at the end of June, which complicates even further the situation of the almost 600 clients waiting for their homes to be completed, some of whom have paid for them in full.
"On June 30, 2010, the Bucharest Court of Law ruled for the commencement of general insolvency proceedings in the case of S.C. Euro Habitat SRL in view of reorganisation. The Bucharest Court of Law decided from the very first court date that proceedings should be started and appointed a judicial administrator in the absence of S.C. Euro Habitat SRL, which was not subpoenaed and was not aware the case was on the docket," reveals a notice sent by Planorama representatives to clients.
Israeli-based Euro Habitat, which has for almost five years been developing Bucharest's 1,100-apartment residential complex Planorama, went insolvent at the end of June, which complicates even further the situation of the almost 600 clients waiting for their homes to be completed, some of whom have paid for them in full.
"On June 30, 2010, the Bucharest Court of Law ruled for the commencement of general insolvency proceedings in the case of S.C. Euro Habitat SRL in view of reorganisation. The Bucharest Court of Law decided from the very first court date that proceedings should be started and appointed a judicial administrator in the absence of S.C. Euro Habitat SRL, which was not subpoenaed and was not aware the case was on the docket," reveals a notice sent by Planorama representatives to clients.
