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News from Members Suciu Popa wins a new litigation for Grup Feroviar Roman, establishing an important precedent with respect to guaranteed promissory notes

Suciu Popa wins a new litigation for Grup Feroviar Roman, establishing an important precedent with respect to guaranteed promissory notes

by Suciu Popa July 21, 2021

Suciu Popa is pleased to announce that it has successfully represented Grup Feroviar Roman SA, the most important railway freight carrier in Romania and one of the top regional market players, in a significant commercial dispute against a debt collection company, the assignee of certain receivables resulting from immovable leasing contracts from a commercial bank, secured by means of guaranteed promissory notes. The dispute concerned the effects of the securities created by guaranteeing the promissory notes, in the context of replacing in the meantime the guarantor, which resulted in the termination of the initial guarantee of the promissory notes.

Following the full admission of the statement of claim on behalf of our client, the court of law ascertained the cessation of the effects of the guarantee and ordered the full reimbursement of the amounts unduly under the terminated guarantee of the promissory notes. This decision is extremely important and represents a complete novelty within the local jurisprudential landscape, as it has successfully established that the autonomy of the guarantee from a pre-existing fundamental legal relationship is not absolute, but must be censored according to the real intention of the parties, the creditor no longer being entitled to enforce the security represented by the guarantee of the promissory notes as long as it has consented to the replacement of the guarantor.

The team dedicated to this dispute was led by Miruna Suciu (Managing Partner) and was formed by Dan Ciobanu (Partner) and Radu Chiran (Managing Associate), supported by other members of the Suciu Popa dispute resolution team.

Suciu Popa is a top law firm with a full-service practice, with notable performances within all areas of business law, including dispute resolution and arbitration, real estate, administrative disputes, project development, energy & renewables, being constantly ranked by all local and international directories in the top tiers of legal services providers. Fully committed to making a difference on the Romanian market, Suciu Popa relies on the solid experience and reputation of its attorneys and partners, built over more than 20 years of acting for multinational clients, strategic investors and investment funds, public authorities and international financial institutions, in some of the most complex cross-border transactions, investment projects and dispute resolution cases.

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