Tractorul Left Without Third Liquidator, Too

Finconta Consulting SPRL - Bucharest, the third liquidator of Tractorul UTB SA, has been relieved of their duties in this capacity by the bankruptcy judge of the Brasov County Court. However, the judge did not appoint another liquidator. Finconta contested the decision and further pursued the legal action opened in the Braila County Court in a bid no annul the sale of Tractorul assets to Flavus Investment - Bucharest.

The judge explained that Finconta had been dismissed ex officio for having failed to perform their duties. The Brasov County Public Finance Directorate nominated Rovigo SPRL Bucharest until a final ruling would be passed.

Finconta is the third liquidator of Tractorul. In the beginning of the bankruptcy proceedings, Casa de Insolventa Transilvania was appointed liquidator and managed to sell assets worth 82 million EUR (VAT included) to Flavus Investments. Later on, the bankruptcy judge decided to appoint the Brasov-based Info-Dip Insolvency SPRL. In June 2008, Info-Dip requested to be relieved of this duty, while the creditors said they wanted Casa de Insolventa Transilvania back on the case. However, the judge appointed Finconta. Although Info-Dip requested to be relieved of duties and was eventually replaced by Finconta, they did nothing to exit the lawsuits initiated by the former liquidator, although the National Fiscal Administration Agency had asked the former liquidator to withdraw their complaint and close the case, which has been moved to Braila in the meantime.

In April 2007, the State Assets Recovery Authority was notified of the European Commission findings in the investigation pertaining to a possible issuance of unlawful State aid for the sale of the Tractorul compound. According to a press release from the Authority, the European Commission found that, by selling all assets as one package via Casa de Insolventa Transilvania, the Authority had obtained the best market price and had acted as an economic player in a market economy. The conclusion was that no State aid had been issued and that the price was correct.