Vogh Olimp, the Certion Group company founded by entrepreneur Cătălin Scripcaru, has filed for insolvency. The company is developing a block of 166 holiday apartments. The developer says it has about 70 percent of the apartments in the 12-storey block in the Olimp resort under contract and has filed for insolvency not because it is in financial trouble but to protect itself against the actions of general contractor S.I.D. International Construct of Bucharest.
“We have resorted to a legal mechanism to defend ourselves against the abuses of the general contractor, who has initiated a legal mortgage action, a practice quite known in the market. In order to be able to complete the process of sale-purchase of the apartments under contract, free of encumbrances, we have resorted to this protection mechanism. Most of the clients know and understand the situation. As part of the insolvency process we will be able to sell the pre-contracted apartments to buyers. For the time being, we have filed for insolvency and hope to conclude this episode in the coming months,” said Cătălin Scripcaru.
He also explained that after the reception of the apartments he wanted to start selling them, but the builder’s request for a legal mortgage intervened and blocked his action. The company S.I.D. International Construct is owned by Ciprian Dumitrașcu and has been in insolvency since 2021.
