Developer of My Dream Residence asks for insolvency

Developer Plus Development, which was working on My Dream Residence project in Pipera area of Bucharest, has asked for insolvency, following an accumulation of EUR 20 million in debt. The company says it has asked for insolvency to protect its real estate project against creditors. The developer has finalized the residential project but is currently dealing with a litigation with the project’s general contractor. The contractor had previously asked for the developer’s insolvency. My Dream Residence project was expected to require EUR 30 million in investments to be completed.