Axa Concept Residential, which developed Saphire Residence, Amber Residence, Residence Opal, Jasper and Onyx Centre Business Centre, filed for insolvency this week. This is the second time the company filed insolvency papers with the Bucharest court. The court did not accept its 2014 filing because it lacked necessary documents.
Problems for Axa started with its Saphire Residence development in 2008. Project costs were estimated at €7.8m. The developer has been unable to pay off debt associated with the project and several creditors have filed suit against Axa. The developer’s portfolio includes B28, Nordului 94-96, Sun Gardens and Jandarmeriei 237-245.
