Internaţional Leasing, the business founded by Ioana Necula 15years ago, is the first major player on the leasing market to goinsolvent, with around 25 million euros in overall debt.
The collapse of financing and the decline in the population'sincome, which leads to major delays in the payment of instalmentsto financial institutions, have resulted in the first importantinsolvency case on the Romanian leasing market, with InternaţionalLeasing requesting the opening of insolvency proceedings in view ofreorganising its operations under the supervision of a judicialadministrator. The job was assigned by the Iaşi Court of Law toPricewaterhouseCoopers.
"The leasing market experienced a very significant decline, and wedid not have a bank as shareholder to help us cover the losses. Asthe number of contracts fell following the decline of the financingmarket, so has the car market and the standard of living, so westarted to be faced with late payments from clients. All thesefactors led to the deterioration of our portfolio because of theincrease in the number of bad payers, which left us unable toensure the company's cash flow," Ioana Necula, 37, who foundedInternaţional Leasing 15 years ago.
The company had around 31 million-euro assets in mid-2010, withdebts amounting to around 25 million euros, according to apreliminary report.
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