* The creditors have not approved the reorganization plan
"Arădeanca" Arad, the biggest doll maker in Romania, which had a 60% market share, entered bankruptcy after the reorganization plan was rejected by the creditors. According to Ioan Biriş, the representative of Activ Grup IPURL, which was appointed as a temporary liquidator, the creditors are not required to justify their vote against the reorganization plan.
"The reorganization plan has not been approved by the creditors. They've taken their vote but we can't explain why they have voted one way or another. Thus, the company has entered bankruptcy, which means that the procedure applicable in such cases will be followed, an inventory of the assets will be made, some will be reassessed and then their sale will proceed, together with the collection of the debts", said Ioan Biriş.
Sources from among the workers are saying that most likely, the creditors have been led to vote in favor of the bankruptcy because 50% of the company's machinery is old, the median age of the employees is high, and domestic sales are seasonal, as there is no outlook for long or medium term sales.
The company's decline has begun at the end of 2011, when it was hit with a sequester of approximately 5 million de lei on its building and movable assets. The company's accounts had also been garnished by the Arad Tax Administration for an amount of over 428,000 lei the company owed to the state.
Last year, on March 31st, the company owed 320,997 to the state budget, 329,108 lei to the social security budget, 130,802 to the social security budget and 12,886 to the unemployment security budget.
"The moment the company declared itself insolvent, the tax administration was no longer able to intervene in order to collect the amounts it was owed. Now all the procedures are done by the liquidator", said Călin Arust
