Impact goes insolvent over a debt equivalent to three apartments' worth

Real estate developer Impact Developer & Contractor, founded in the early '90s by businessman Dan Ioan Popp, has entered insolvency proceedings at the request of construction firm Romconstruct based in Ploiesti, which demands the payment of a 1.3 million-RON (308,000-euro) debt, equivalent to three apartments built by Impact.
In response, the representatives of Impact, one of the few developers to have built more than 1,000 homes in Romania, have organised a press conference to announce they will challenge the ruling of the Bucharest Court of Law. They say the firm has the financial capability to pay the debt, which it does not, however, acknowledge.
"I don't think we will get to the reorganisation stage, and even if we do, the company's assets are worth around 480 million RON, while the overall debts amount to just 150 million RON," specified Carmen Sandulescu, CFO and minority shareholder of Impact.