Insolvency procedure against Golf Club Ibar Plc.

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Insolvency procedure against Golf Club Ibar Plc.

Postby Admin » Wed Dec 10, 2014 2:49 pm

Dear Investors,

In the current topic we will place valuabe information about the insolvency procedure against Golf Club Ibar Plc- developer of the golf course IBAR, near Dolna Banya, Bulgaria.

As stated earlier in the related topic about the problems of this complex, Unicredit Bulbank asked Sofia City Court to announce the insolvency of the company as the last one was not being able to cover its debts. The procedure was later joined by three more creditors. Following the procedure, the insolvency judge appointed an expert, who will review the whole company and its financial health and will confirm whether the company is in bad or good financial position. Considering the number of creditors, who already joined the case, and considering that there are creditors with execution lists, who are also looking for their money, all points that the company is not able to function normally anymore. A court hearing is scheduled for 23.01.2015, from 13.30 hrs. If the expertise is accepted by the court, most probably the case will be announced for decision, which means that in February it is very likely the company to be announced officially as insolvent. If this happens, all creditors /foreigna and local, physical and juridical persons/ will be asked to register their insolency claims in short 1 month period per art.685 of the Commerce Act. This is why what we can advise all of you, who still got money to receive from this company, is to get ready and prepare their claims. If you are still bound by a contract with the developer, it is advisable to seek termination of this contract with immediate effect.


Update from 24.01.2015
The insolvency procedure of Golf Club Ibar is currently delayed. A new court hearing date is set by the insolvency judge- 03.04.2015. The delay is caused by one of the experts, appointed by the court, who was not able to complete his report on time.

Update from 30.01.2015
Unicredit Bulbank Plc submitted a request before the insolvency judge, asking the court to issue a determination, following which all execution procedures against the developer to be stopped and a trusted assignee being appointed until a permanent one is appointed. The court turned down the request and currently the bank is appealing this.
Golf Club IBAR, on the other hand, also submitted similar request, aking the court to stop all execution procedures against the company. The request was turned down too.

Update from 07.04.2015
The court hearing, connected with Golf Club Ibar's insolvency case, held four days ago will not be the last one. The court decided that new proofs are needed and an additional hearing is already scheduled- for 19.06.2015, from 13.30 hrs.

Update from 22.06.2015
A new delay in the insolvency procedure of Golf Club Ibar is a fact. The new hearing date is 02.10.2015, from 4.00 p.m.;

Update from 06.10.2015
The insolvency procedure was once again delayed due to the need for collection of additiona proofs about the financial status of the company. The new hearing date is 11.12.2015, from 14.30 hrs.

Update from 28.12.2015
The insolvency procedure was once again delayed due to the need for collection of additional proofs about the financial status of the company. The new hearing date is 18.03.2016, from 15.00 hrs.

Update from 09.11.2016
The court hearing was re-scheduled for 03.02.2017 as the expert asked the court for more time to prepare her expert report on the financial status of the company. She was lacking time as documents were not given to her on time.

If you need any assistance on this, please do not hesitate to contact our team at: support@bulgariandeals.com.


Bulgariandeals Team

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