A Bucharest court decided on Friday to postpone until May 26 the decision to open bankruptcy proceedings in the case of Euroins, the former leader of RCA with more than 2.7 million active RCA policies, HotNews.ro reports.

According to HotNews.ro, “the judge decided to reject Euroins’ request to separate the case in the sense that ASF’s request and those of other creditors will be considered separately, and said that short deadlines will be granted, taking into account the arguments of the creditors, namely that the assets Euroins are dwindling fast as many foreclosures come in.’

This is a case in which ASF has formally demanded the bankruptcy of Euroins in court, a case which is pending in the Bucharest Court.

All current Euroins policies are terminated by law within a maximum of 90 days from the moment of the decision to open the bankruptcy procedure

This court’s decision is important for all Euroins customers and injured parties, as it will determine how long their insurance is still valid or how much time they have left to claim compensation from the Policyholders’ Guarantee Fund (FGA). .

Therefore, once the Bucharest Court decides to open bankruptcy proceedings in the case of Euroins, the immediate effect is that within 90 days, from that moment, the insurance policies issued by this insurer are automatically terminated.

After the final decision on the bankruptcy of “Euroins” in court, one more term will expire

If the decision to open Euroins bankruptcy proceedings remains final, another deadline begins to count down: from this moment, all Euroins customers and injured persons will have a maximum of 90 days during which they can submit claims for compensation to the Policyholder Guarantee Fund ( FGA).

Claims for compensation and reimbursement of premiums from Euroins can still be submitted to the FGA, but the Policyholders’ Guarantee Fund will be able to initiate the payment of compensation to the insurance creditors of Euroins SA, starting from May 17, 2023.

Euroins may file for bankruptcy due to redemption / Sources: About 100 cars of the ex-chief of the RKA have already been seized

Euroins is facing a wave of foreclosures that began in more than 2,100 files after its operating license was withdrawn on March 17, leading to an accelerated decline in financial liquidity, prompting the insurer, through its interim administrator, the Insurers’ Guarantee Fund, to call a general meeting for petitioning the court for its insolvency.

According to HotNews.ro sources, the situation for the former leader of RCA is serious due to the damage cases won in court by the injured parties of Euroins, who, based on the executive orders of the courts, hire bailiffs to come and seize the accounts. and insurance company assets.

• “Three days ago, bailiffs came and seized about 100 Euroins cars. These cars are put up for sale and thus pay off debts owed to the insurer’s creditors who have won these rights in the courts.
• The material value demanded in more than 2,100 collection cases is several times higher than the liquidity of Euroins, and the company’s accounts are blocked.” This was reported to HotNews.ro on Thursday by sources who wished to remain anonymous.

Requested by HotNews.ro a day ago to both the Insurance Fund (FGA) and Euroins to clarify the company’s liquidity situation, what assets have already been seized and what amounts are being claimed in more than 2,100 court cases, and we will respond with answers as soon as we receive them.