EnglishThe Iasi County Court has granted the motion for the suspension of foreclosure initiated by SC Fortus SA - Iasi, so the Iasi County Public Finance Directorate will not be able to take any measures against the heavy machinery manufacturer until the next court day, which is October 22nd.
In early July, the tax authorities resumed foreclosure procedures against Fortus on the count of the company"s overdue debts to the State. The foreclosure measures concerned 19 assets assessed at 348,895,440 RON.
Fortus challenged the decision in court and managed to obtain a postponement. The tax authorities resumed the procedure on August 2nd and voluntarily halted it on September 3rd to correct some errors. In the meantime, Fortus had again taken the matter to court.
The peculiar part of the story is that the State decided to auction off Fortus assets as soon as a number of Russian investors took over Metalexportimport, the main shareholder in the Iasi-based manufacturer. Moreover, the attempt to auction off the Fortus assets comes in a context that the company has been cleared to receive State aid sufficient to solve its fiscal problems.
Fortus concluded last year with debts of 174,508,177 RON of which 124,881,071 RON to the State. Interestingly, the tax authorities would like to auction off assets worth 350 million RON to recover debts of 124 million RON. The overall value of the State aid approved by the Competition Council is 119,125,582 RON.
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(message sent by Me on 30.09.2007, 11:00)
Improve your English!!!