Insolvency procedure against Kildare Ski Construction

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Insolvency procedure against Kildare Ski Construction

Postby Admin » Thu May 30, 2013 11:32 am

Dear Whiteoaks investors,

Kildare Ski Construction is the developer of Block C and D of Whiteoaks complex- a complex, which exactly as blocks A and B is still not completed and left at Act 15 during the last several years. The financial problems of the developer and his non-performance have finally depleted the patience of the creditors and part of the initiated insolvency procedure against the company. The procedure is started on 29.05.2013 /yesterday/ and already an insolvency court case was formed before Sofia City Court under number 2854/2013. The case will be decided by VI-14 Commerce Department of the court. In the current topic we will place valuable updates about the progress of the procedure. We advise all people, who have paid for apartments, but never received title deeds to follow the topic carefully, because if the company is announced insolvent all these people will have a short period of time to register their insolvency claims against the company. If they miss this registration period, they won't be able to perform on later stage any legal actions, because the local law is forbidding the start of new cases after one company is announced for insolvent.

Update from 10.06.2013
The court has left the request for the announcement of the company for insolevent "without movement", which means that the claimers in this court case are asked by the judge to execute some instructions of the judge. The claimers are asked by the court to point the dates on which the company should be considered for insolvent. The judge is also asking one of the claimers /Mr. O'Donnell/ to described precisely the facts, on the basis of which he personally is asking for the insolvency of the company. The instructions should be executed in the following 7 days.

Update from 28.10.2013
The court has asked one of the creditors that started the procedure to pay 250 leva additional court fee and to present a document for the payment. On 25.10.2013 the payment document was presented, so the procedure will move forward as described in the local law.

Update from 04.04.2014
A copy of the insolvency claim, submitted by the two initial creditors of Kildare Ski Construction Ltd. was sent to the company. This is following a determination of the insolvency judge dated 21.03.2014.
Kildare Ski now have specific period of time to submit written answer to the claim.

Update from 23.06.2014
A court hearing date is announced for 08.07.2014, from 10.30 hrs. The creditors of Kildare, who initiated the procedure are asked to pay 700 leva for expert, who will investigate the current status of the company, and also to pay 1000 leva- initial expenses for the insolvency procudure on the basis of art 629b from the Commerce Act.

Update from 20.10.2014
After the failure of the appointed expert to present his final statement on the financial status of Kildare Ski Construction Ltd., the court was forced to delay the insolvency decision. A new hearing date /02.12.2014/ was set, which means that we can expect eventually the insolvency decision in early 2015.

Update from 04.12.2014
The insolvency process against this local developer was once again delayed. A new hearing date was set by the insolvency judge- 10.02.2015. The court accepted that new proofs, presented by the parties, should be carefully reviewed and that more time is needed for both parties to make statements against the presented proofs. If this is the last delay of the case, a court decision can be expected in March 2015.

Update from 12.02.2015
A new delay in the insolvency process is a fact. The new hearing date, set by the court, is 21.04.2015, from 10.30 hrs. The reason for the re-scheduling of the court case is connected with the need to perform and accept a new expertise, which will give answer to the question what is the current status of the company.

Update from 23.04.2015
A new delay with this court case is caused. The reason for the postponing of the case is once again the expert, who is still not able to complete his report. The next court hearing here is scheduled for 09.06.2015.

Update from 11.06.2015
A new delay is already a fact. The insolvency court confirmed that additional time is needed for the preparation and acceptance of expert opinions, so a new hearing date was set- 06.10.2015!

Update from 08.10.2015
The insolvency court procedure of Kildare Ski Construction is announced for decision on 06.10.2015. The court now has 1 month period to announce its decision, which most probably will result in announcing the company as insolvent. If this happens, all creditors of the company will have 1 month period to declare and register their claims before the assignee and the insolvency judge. If you have any questions of the registration procedure, do not hesitate to contact us at: support@bulgariandeals.com


Bulgariandeals Team

ajwhiteoaks
Posts: 10
Joined: Tue Jan 08, 2013 2:36 pm

Re: Insolvency procedure against Kildare Ski Construction

Postby ajwhiteoaks » Thu Jun 06, 2013 2:06 pm

Hi ,

Thanks for the update.

Could you please post the process by which we can register our claims against the company or point us to someone who can help

Thanks
Admin
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Re: Insolvency procedure against Kildare Ski Construction

Postby Admin » Fri Jun 07, 2013 2:15 pm

Dear ajwhiteoaks,

The registration of the claim is just the first step of the long and complicated insolvency procedure. We don't think that it is possible to describe with several questions all aspects of the process. Said in few words you have to prepare a written request to the insolvency court, describing why and what you are claiming and you have to present all written proofs, showing that you are really a creditor of this company. Most probably those investors, who already got their title deeds for the apartments, won't be in position to register claims, because they already agreed to get the ownership over separate units. Of course we advise all these people to examine their deeds for potential penalty clauses, which can be used for basis of possible claim. Please note that the initial registered claim is the first step, but maybe most important one, because on the basis of this claim different actions may follow, so getting your claim by a local proffessional is better option than trying to do this by yourself. If you need any assistance on examination of documents or other related issues, do not hesitate to contact us.

Bulgariandeals Team
lilyfrog
Posts: 1
Joined: Sat Jul 27, 2013 9:06 pm

Re: Insolvency procedure against Kildare Ski Construction

Postby lilyfrog » Sat Jul 27, 2013 10:03 pm

Hi all,

We are new menbers in the forum and we are after reading that an insolvency procedure has been started in may against Whiteoaks c & d (In which we happen to have a appartment paid in full but no deeds) and we would like to follow the same path . Did you get new information on the case since the 10 of june ? Any idea about the deadline to file the insolvency claim (Or is it to late) ? Would we have a stronger case to claim as a group of owner VS on your own ? What is the best way to proceed ?
We would really appreciate any informations on those questions as we are now extremely worried. We also got the news that all units in block C & D are going for auction this monday 29/07. In the case our appartment is sold on this auction can we still file a insolvency claim ?

Kind Regards

Lilyfrog

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Re: Insolvency procedure against Kildare Ski Construction

Postby Admin » Mon Jul 29, 2013 1:55 pm

Dear lilyfrog,

The insolvency procedure of Kildare Ski Construction is still at its very early stage and it may take several more months before the procedure is completed with initial court decision, announcing the company for not capable of covering its debts and openning the registration periods. In all cases people who are going to participate in the procedure should act on their own and can't register as a group, because each of the buyers is looking for different amount on the basis of different /individual contract/ and this is why each one of you should register and individual claim. The claim should be supported by all written proofs, requested by the local law, so you have time now to collect all you need for one successful registration.

We don't know what is your source of information, but we just checked the eletronic system of local bailiffs and their is no notification for public auction there. Such notifications are normally announced several days before the auction. If your apartment is sold, you can still register a claim.

If you need any assistance, do not hesistate to contact us also at :support@bulgariandeals.com.

Bulgariandeals Team


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