Israeli-based Euro Habitat, which has for almost five years beendeveloping Bucharest's 1,100-apartment residential complexPlanorama, went insolvent at the end of June, which complicateseven further the situation of the almost 600 clients waiting fortheir homes to be completed, some of whom have paid for them infull.
"On June 30, 2010, the Bucharest Court of Law ruled for thecommencement of general insolvency proceedings in the case of S.C.Euro Habitat SRL in view of reorganisation. The Bucharest Court ofLaw decided from the very first court date that proceedings shouldbe started and appointed a judicial administrator in the absence ofS.C. Euro Habitat SRL, which was not subpoenaed and was not awarethe case was on the docket," reveals a notice sent by Planoramarepresentatives to clients.
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