CLIF takes banks to court over repossessions

The board of directors of Centrum Leasingu i Finansów (CLIF) has regained control over the company and is now looking for ways of saving the firm from oblivion. In a bold move the company, which was declared bankrupt last year and is now doing battle with its creditors, has filed lawsuits against financial institutions and is demanding repayment of over zł. 210 million, but said it would withdraw the suits should banks enter into negotiations and come to an agreement with the debtor. In Autumn 2001, CLIF broke its loan contracts with crediting banks which in retaliation took over CLIF-leased products, mostly cars. "We want the banks to pay the difference between CLIF's debt and the value of assets taken over," explained Dariusz Baran, CLIF chairman. (Puls Biznesu, p. 4) J.K.