The assets of "Tricotaje Ineu" to be auctioned off in order to cover the company"s debts to the state

The General Department of Public Finances Arad (DGFP), will auction off assets of Tricotaje Ineu, a company which manufactures women"s lingerie.

Over 190 movable assets will be sold off, including sewing machines, knitting machines and air conditioners.

Tricotaje Ineu owes over 1,010,916 lei to the state budget, of which 586,875 lei in unpaid VAT and 215,713 lei in unpaid salary taxes. The company also owes 1,833 lei in unpaid income tax, and 67,134 lei in other unpaid taxes. The company also owes 139,361 lei in interests and penalties owed on debts which were not paid on time.

The auction will take place on February 3rd, at the headquarters of the company in the city of Ineu, county of Arad. Any interested bidders are expected to attend the headquarters of the Administration of Public Finances for Medium Sized Taxpayers, and produce proof that they have paid the fee for participating in the auction, which amounts to 10% of the starting price. If the goods don"t get sold after the first auction, the starting prices will be reduced by 25% on the second auction, and by 50% on the third auction.

Călin Arusti, the spokesperson of DGFP Arad says that the chances of the auction being successful are rather slim, since it is unlikely anyone would be willing to buy these assets during this difficult period. "The state needs to recover its money. In cases like this we are required by law to hold an auction. There are some chances of recovering that amount", said Călin Arusti.

Incorporated in 1990, Tricotaje Ineu manufactures a vast array of lingerie products which it sells mostly on Western European markets.