Page 170 - Carte Falimentul BIR

- Article 3 paragraph 3 letter c of GEO no. 186/1999 provides that the main tasks
of the syndic judge are:

- "the appointment, by decision of the liquidator, assets appraisal, activity
oversight..."

- and art. 7 par. 1, the same act stipulates that:

- "in the case of initiating bankruptcy procedure, the syndic judge ... shall
designate a liquidator on the advice of the National Bank of Romania..."

- by Sentence no. 4461 of 10.07.2000, the magistrate Negru Cristina designated
the company "Assets Reconversion and Valuation" as the liquidator of BIR,
without having the BNR approval, as stipulated by GEO no 86/1999, this notice
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being obtained only later, on July 19 2000, signed by Mr. Emil Iota Ghizari, also
as a "governor", a quality in which, as shown above, was never invested by
Parliament.

In order to demonstrate that the BNR notice for the liquidator appointment had to
be prior to the court designation and that only after obtaining this notice, the
liquidator's attributions were to be established, we will show that, by Sentence
no. 721/ 08.02.2000 of the same Bucharest Court of First Instance - Commercial
Section, where Bankcoop bankruptcy procedure was initiated, on page 8, it is
stated that:

"In order to appoint the liquidator and to obtain the opinion of the National Bank
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of Romania in this respect, it is granted the term of February 15 2000, and the
liquidator's attributions and his remuneration are to be determined."

It is also stated that the powers of the liquidator are established by art. 10 lit a-q,
of GEO no. 186/1999, normative act that governed bankruptcy procedure of
banks, at the time.

- The Magistrate Negru Cristina has ruled, by sentence, the taking over by the
liquidator of the attributions stipulated by art. 9 of GEO no. 186/1999, by which
it was explicitly stressed that the liquidator should draft a single report –
Attention! One report! - containing:

"the situation of the contracts concluded by the debtor, the patrimonial transfers,
the commercial operations, the guarantees submitted by the bank, the situation of
the bank property claims resulting from the assets or money transfers, made
before the bankruptcy procedure started" etc.

(these being the provisions of Article 9 of GEO no.186/ 1999), the deadline for
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submitting this report was September 4 2000.

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