Doly-Com posted 140 million lei (EUR31.4 million) revenue in 2014, which makes its bankruptcy the biggest in a meat processing industry shaken by high-profile insolvencies.
The number of bankruptcies has been low so far, and only involved smaller businesses such as Stenyon (Giurgiu) and Caruz (Braila). Insolvency also hit Galli Gallo, the largest turkey farmer and processor in the country, Elit Cugir, Avicola Crevedia and Marex group (Marex and Vegetal Trading).
Doly-Com SRL, an entrepreneurial business of the Cazacut family, was affected by a number of events in the past few years such as a fire at its plant near Bucharest. There was also the horse meat scandal, when the company, which had kept a low profile until then, was named as one of the potential suspects. The Romanian and French authorities later cleared Doly-Com and CarmOlimp, the other processor suspected, of any wrongdoing.
The local media, however, reports that Doly-Com filed for insolvency after the tax authority ANAF conducted an inspection and found the company owed RON98 million in taxes. (EUR1=RON4.4582)
(English version by Loredana Fratila-Cristescu)