Cobzac & Partners has successfully represented the interests of CB Eximbank JSC before the Supreme Court of Justice of the Republic of Moldova in a dispute with Avicomagro.
According to Cobzac & Partners, “on December 29, 2021, the Supreme Court of Justice of the Republic of Moldova admitted an appeal filed by the lawyers from Cobzac & Partners in the interest of CB Eximbank JSC in litigation initiated at the beginning of 2017. In 2010 a credit agreement was concluded between Eximbank-Gruppo Veneto Banca SA and Avicomagro LLC, by which Avicomagro received a loan of USD 375,000, which was to be repaid by September 23, 2012. The loan was guaranteed by a pledge, the mortgage value of the property being established by mutual agreement, in the amount of MDL 4,788,000.”
According to the firm, “the debtor did not fulfill its obligations and the bank filed a claim against it regarding the exercise of the pledge, and by the decision of the Centru Court from November 7, 2012, it was ordered the dispossession of Avicomagro and the forced transfer for sale in possession of the bank of the pledged real estate. Subsequently, the bank sold the real estate at the price of MDL 2.3 million, but the accumulated amount was not enough to pay the entire debt. As a result, the bank filed a lawsuit against Avicomagro regarding the collection of a sum of USD 1.45 million, and by the decision of the Supreme Court of Justice issued on December 29, 2021, the court ordered the collection of USD 1,006,348.88 from the debtor for the benefit of the bank.”
Cobzac & Partners' team included Managing Partner Daniel Cobzac, Managing Associate Ana Iovu, and Independent Attorney Gheorghe Sclifos.