Euroins is currently under pressure from a wave of confiscations launched in more than 2,100 files since March 17, when its operating permit was revoked. Several sources close to the situation told HotNews.ro that the value of the confiscations currently exceeds 70 million leva. .

The Insurance Guaranty Fund (FGA), which was appointed as the interim administrator of Euroins after the ASF declared its insolvency and withdrew its authorization to operate, did not want to specify the exact value of the confiscations, stressing that these amounts fluctuate in relation to the amounts collected by bailiffs from third parties co-partners of the company.

• “In this period, the company is under pressure from creditors who have enforcement proceedings.
• At the moment, the value of confiscations varies relative to the amounts collected by the bailiffs from third-party employees of the company, with the possibility of multiplying the seized amounts according to the means of collection chosen by the bailiffs.
• After satisfying the claims, the differences are returned to the enterprise.
• At the same time, during this period, enforcement activity registers greater dynamics, and the teams in the company constantly check whether the enforcement measures meet the requirements of the law, otherwise, legal measures are taken to challenge them.” FGA representatives informed HotNews.ro about this.

Third-party Euroins employees are also executed / What is happening to the insurer’s employees

When asked what liquidity Euroins had at the time the FGA team took control of the company, the Fund’s representatives replied that they had not yet completed the inventory process.

• “At the moment, the inventory has not yet been completed, measures have been taken with banking institutions to provide the Fund with the status of accounts, their circulation, as well as the status of seizures.
• It is impossible to name the value of the withdrawn amounts, given that at the company level there are constant checks between internal structures to verify the validity of the withdrawn amounts.
• On the other hand, third-party employees of the company who owe it are also executed, which complicates the normal development of the company’s activities at the moment.” say FGA officials.

On the other hand, the employees of “Euroins” received the right to wages.

• “Given the special statutory provisions that protect amounts of money that are earmarked for wage entitlements, these accounts cannot currently be affected by enforcement action.” – explained the employees of the Insured Guarantee Fund.

At the end of last month, HotNews.ro asked Euroins for its perspective on liquidity, foreclosures initiated in more than 2,100 court cases and the situation of employees, but we have not received any response so far.

Euroins foreclosure case: the damaged RCA delayed only part of the repair of its car for almost a year

According to court records seen by HotNews.ro, enforcement decisions against Euroins began before March of this year, when the ASF declared it insolvent.

In this case, an RCA victim from Galatza waited almost a year to receive only a fraction of the money he paid for the repair of his Nissan Qashqai car that was hit in a 2019 RCA insured with Euroins.

After suing the insurer, which refused to pay him the amount he had paid for the repairs, the court ruled in his favor and approved recovery of the amount owed by the insurer, as well as a late payment penalty.

Euroins may declare bankruptcy due to foreclosure / Sources: About 100 cars have already been seized

Euroins is facing a wave of foreclosures that began in more than 2,100 files after its trading license was revoked 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 an announcement published in the National Curierul, Euroins, legally represented by the Insurance Guaranty Fund (FGA) as provisional administrator, represented by Kelin Rangu, requests the convening of an extraordinary general meeting of shareholders on May 30, 2023.

One of the reasons why the FGA decided to convene an extraordinary meeting of shareholders is “the accelerated reduction of the company’s liquid assets as a result of foreclosures against the company in a number of 2114 executive cases in the period 03/17/2023-04/18″. .2023”.

Other reasons are explained by the fact that the company has payment obligations until April 20, 2023, as well as the fact that on March 29 the Bucharest Court rejected Euroins’ request for a stay of enforcement, and the Court of Appeal rejected the insurer’s request for a temporary stay on April 24, 2023 the effect of the decision on the ASF, which canceled the operating permit.

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