In Moldova, 14 agricultural enterprises requested insolvency proceedings due to financial difficulties
The President of the Union of Authorized Administrators of Moldova, Ion Popa, announced this at a meeting with the Minister of Agriculture and Food Industry Vladimir Bolea. According to him, in 2024, 14 agricultural enterprises resorted to legal methods to avoid the accumulation of interest and fines by requesting insolvency proceedings. Of these, 3 enterprises are under supervision, 3 are in the restructuring procedure, 4 are in the simplified bankruptcy procedure, 3 are in the insolvency procedure and 1 are in the bankruptcy procedure. According to the ministry's press service, the purpose of these measures is to stop the accumulation of fines and interest for companies unable to make current payments, and to provide them with the opportunity for economic recovery based on a reorganization plan. These procedures are necessary to prevent penalties from creditors and create a legal framework in which debtors can negotiate with creditors and restructure debts. As part of these procedures, monitoring and assessment of the debtor's financial position are ensured and restructuring options are explored. It is worth noting that under the Insolvency Act, farmers or any other economic entities must request this procedure if they are unable to pay their debts when they fall due. // 31.07.2024 — InfoMarket
