“The Bucharest Court of Law admits the petition of debtor of SC Romsys SRL. Pursuant to article 71 in Law 85/2014 on insolvency and insolvency prevention procedures, the Court starts the general insolvency procedure against the debtor,” the court of law website reads.
Romsys, which posted almost EUR40 million revenue in 2014 is the largest actor on the IT solutions and services market to go insolvent. The court-appointed trustee is Agentia de Insolventa S.P.R.L. Neither Romsys nor court-appointed trustee representatives offered any comment on why the company filed for insolvency press time.
Romsys name was mentioned in connection with a EUR30 million money laundering and tax evasion case in February 2015.
The company posted 171 million lei (EUR38.3 million) revenue in 2014, down 12% on the previous year. It had RON46 million debt at the end of that year, according to Finance Ministry data.
New Frontier Holding bought Romsys from local entrepreneur Marius Cojanu at the end of 2007. (EUR1=RON4.4668)
(English version by Loredana Fratila-Cristescu)