The court of Braşov rules the beginning of the insolvency proceedings for Iason SA

The Trade Division of the Court of Braşov last week declared the company Iason SA of Braşov insolvent. The court appointed Marius Ţifrea as bankruptcy trustee, and the debtor will retain the management of its assets.

The first session of the General Assembly of Creditors will take place on October 19th, according to a notice sent to the Bucharest Stock Exchange, and the deadline for the verification of the receivables, and the drawing up, display and publication of the preliminary list of claims is October 13th.

Last month, the board of Directors of the Company decided to declare the company insolvent, and the shareholders of the company approved the decision on August 9th. Last year, the losses of the company climbed 21%, from 1.719 million lei to 2.084 million lei, as its total revenues dropped around 45% from 7.900 million to 4.331 million lei, while its expenses only decreased 33%, to 6.408 million lei. The company"s turnover only increased very slightly, from 4.542 million lei to 4.636 million lei.

The earnings of the company were affected by the bankruptcy of the "Ittiere" Italian group of companies, which in turn caused the insolvency of two of the major customers of the company - G. Frattini and Eurofashion, for which the company of Braşov was producing goods worth more than 200,000 Euros in 2008, whereas orders from the two companies dropped by around 75% in 2009. What"s more, the bankruptcy of the two companies caused a loss of 40,000 Euros for "Iason", due to unpaid invoices.

"Iason" is controlled by Bucharest-based company Romanoexport SA, which holds 86.23% of the shares, whereas the other shareholders hold 13.77% of the company.