My Dream Residence developer files for insolvency to protect project

Developer Plus Development, which was working on the My Dream Residence project in the Pipera area of Bucharest, has applied for insolvency, after running up EUR 20 million of debt. The company said it had made the application to protect its real estate project against creditors. Plus Development has completed the project but is currently involved in litigation with the general contractor, which had previously called for the developer to be made insolvent. The My Dream Residence project was expected to cost EUR 30 million to complete.

Staff