According to the file, the first term in this case was set for October 5 this year.

The manager of the advertising agency, Liviu Lambrino said it was a misunderstanding, and that it would be settled in a friendly way. “We are convinced this is a misunderstanding and I am 99.9% sure it will settle in a friendly way as soon as possible”, said Lambrino.

The opening of insolvency proceedings in a company may lead to either reorganization of it or bankruptcy. The initiation of the insolvency is requested in court, judges being the ones to decide whether the start of the procedure is legitimate or not.

TBWA Bucharest S.R.L was established in 2004 and has a headcount of 42. The company offers indoor and outdoor advertising services.