KPMG drafts strategy to liquidate bankrupt Romanian insurer

KPMG Restructuring has started developing a plan for liquidating the assets of the bankrupt insurer Astra Asigurari. It will try to capitalize Astra’s insurance portfolio under some business transfer operations. It will also capitalize other assets through individual sale. KPMG Restructuring will collaborate with the insurer’s staff to carry out these actions. In August, Astra Asigurari has lost its license and went bankrupt, following a decision of the financial market regulator ASF. The Financial Supervisory Authority has selected KPMG and Dascal Insolvency to liquidate Astra Asigurari. KPMG was the insurer’s special administrator until ASF decided to withdraw the company’s authorization and dissolve it. editor@romania-insider.com