“The court approves the filing of debtor Plus Development. In line with art 32, Law No 85/2006 regarding the insolvency proceedings, the court opens general proceedings against debtor”, reads a decision of the Tribunal of Bucharest, dated December 7, as quoted by Mediafax.

Management Reorganizare Lichidare has been appointed as the legal administrator, and the deadline for submitting request for admittance of accounts receivables over debtors’ assets has been set for February 6, 2010.

The file on the opening of insolvency proceedings has been indexed at the Tribunal of Bucharest on November 26.

“Analyzing the current situation and safeguarding the residential project, the developer has decided to open reorganization proceedings, in a bid to solve current problems resulting from the current economic conditions as soon as possible”, Plus Development representatives told Mediafax.

The 10,000-sqm My Dream Residence project, the solve investment of the developer in Romania, is located in Pipera area and comprises three buildings with 180 apartments. Construction works came to an end earlier this year, approximately six months behind schedule.

Representatives of the insolvent company refused to disclose details on the number of apartments