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TUCA ZBARCEA & ASSOCIATES exempts Constanta Municipality of foreclosure and relieves the local budget of the 13 million euro immediate payment

Constanta Municipality has various lawsuits with italian society Fin.Co.Ge.Ro regarding concession contracts entered by the municipality for building seaside residential quarters. Through the decision of the Constanta Court, the municipality was held liable for the payment of 13 million euro, representing the equivalent value of infrastructure work made by italian society in the light of a Court decision from 2004.

Constanta Municipality represented by ȚUCA ZBÂRCEA & ASSOCIATES lawyers, has requested a grace period and installments for the 13 million euro, but the motion was initially dismissed.

Constanta Court of Appeal has admitted the motion and ruled the installments for the 13 million euro debt in a period of 15 years, in 15 equal and annual installments, due until the 30th of December each year. Furthermore, the Court has granted a grace period until the 1st of March 2013 to allow the installments to be enlisted in the local budget for 2013.

The victory obtained in front of Constanta Court of Appeal has permitted the municipality to proceed with the development projects of Constanta Municipality and to continue to support the supply of public services.

The team of lawyers from Țuca Zbârcea & Associates included lawyers with a large experience in the civil and administrative litigation field, and it has been coordinated by Christina Vlădescu, Associate Lawyer.

”We are confident that this disputes will find a convenient settlement for both parties, as the budgetary impact is very important for Constanta Municipality and the fact that the Court has taken into account this circumstances is remarkable. The Court decision is in accordance with ECHR practice, which has stated that signatory states can have a series of facilities for public institutions as long as the public interest justifies such measurements and when they are mandatory for the institution`s  activity” stated Christina Vlădescu from
Țuca Zbârcea & Associates.

”We believe that the decision is inovating and can start a series of favourable precedents for public institutions that are in such situations as foreclosure and do not dispose of the financial resources to  perform this obligations” explained Georgiana Trandafir, Senior Lawyer at Țuca Zbârcea & Associates, member of the team of lawyers in charge of this project.

Țuca Zbârcea & Associates is in the first position of Legal 500 international directory ranking regarding the solving capacity of legal matters. The team of over 40 lawyers in the litigation and internal/international arbitration department represents clients on all levels of the Romanian judicial system, from first courts to the High Court of Cassation and Justice, as well as in special procedure in front of the Constitutional Court and national and international courts, in complex arbitration procedures based on the Court for International Commercial Arbitration (Romanian Chamber of Commerce and Industries), ICC, UNCITRAL and ICSID.

About Țuca Zbârcea & Associates

With a team of 95 lawyers in the Bucharest office, Țuca Zbârcea & Associates has a secundary office in association with Nistorescu, Șomlea & Associates in Cluj Napoca, as well as a representative office in Madrid, Spain. In addition, the firm established a strategic “best friend” cooperation agreement with law firm Țurcan Cazac, the leader of the business law market in the Republic of Moldova

Țuca Zbârcea & Associates offers the whole range of legal services, being recommended by prestigious specialised international directories in areas such as litigation and international arbitration, public acquisitions, enercy and natural resources, banking and finance law, infrastructure, employment law, corporate and commercial, mergers, acquisitions and privatisation, and others.

Țuca Zbârcea & Associates has received many recognitions and distinctions both locally and internationally, being the winner of ” Law firm of the year” award for four consecutive years, and has also been nominated ” Most Innovative Continental European Law Firm” by the Financial Times. Furthermore, this firm has received the most pretigious distinction – ”Law Firm of The Year Award” (Chambers Europe Awards for Excellence 2010), and the most important regional award given by the british magazine The Lawyer – “Law Firm of the Year in Eastern Europe and the Balkans Award” (The Lawyer European Awards 2010)

Also, recently, Țuca Zbârcea & Associates has won the” Best Managed Workplace” award  in the MPF European Leadership Awards 2012 ceremony.

Țuca Zbârcea & Associates portfolio includes numerous national and international companies, important financial institutions, as well as public authorities and  government agencies. Some of the most reprezentative clients are: Erste Bank /Banca Comercială Română (BCR), OMV Petrom, CEZ, Rompetrol Rafinare, ArcelorMittal, Carrefour, Romtelecom, Orkla Foods, Colgate Palmolive, GED Capital Development, Cadbury, The Bucharest Stock Exchange, BRD-Groupe Société Générale, Banca Europeană pentru Reconstrucţie şi Dezvoltare (BERD) European Bank for Reconstruction and Development, Philip Morris, Alstom Transport, Siemens, Ericsson Telecommunications Romania, ING Real Estate and others.

>> The source: JURIDICE.ro

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