The Chisinau Appeals Court sequestrated the assets of the Capital Constructions Division of the Chisinau City Hall and appointed a temporary administrator to this body, which is one of the richest one from patrimonial viewpoint. It thus risks becoming insolvent, IPN reports, quoting a court decision passed almost two weeks ago.

The Chisinau Appeals Court took this and other decisions after examining the introductive application submitted by representatives of the creditor SC “Fastcomtrans” SRL concerning the institution of insolvency proceedings against the debtor IM “Directia Constructii Capitale” (“Capital Constructions Division”) of the Chisinau City Hall. The given measures are aimed at preventing the modification of the state of the debtor’s property.

A temporary administrator was named to manage the Division. Without the consent of this, the Division can take no decision regarding the management of property.

All the possessions of the debtor were sequestrated, including its securities, bank accounts and commercial correspondence. The forced execution in relation to this property was suspended.

The temporary administrator is obliged to prepare a report on the measures taken in accordance with the court’s judgment and the reasons for bringing insolvency proceedings. The report is to be presented before the meeting where the introductive application is to be examined. This was set for June 14.

The Chisinau Appeals Court’s decision cannot be appealed to a higher court.