Insolvency procedure against Bularco Ltd.

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Insolvency procedure against Bularco Ltd.

Postby Admin » Fri Nov 01, 2013 9:01 am

Dear forum members/users,

Bularco Ltd, a company very close to the developer of Grand Royal Complex in Bansko, has entered into insolvency procedure. The company is known with the fact that together with Bulbuild BG has taken loans from local banks for the construction for complexes. It is interesting to note that the procedure is initiated exactly by Bulbuild BG Ltd. Recenty Bularco Ltd has submitted in court official answer to the request for insolvency. Considering the close connection between the companies we have doubts that this procedure is some kind of double-play by both companies, so if there are people who have purchased apartments via Bularco Ltd, we can only advise them to prepare their participation in the procedure as their last chance to get some refund of their money.

Update from 19.11.2013
After the payment of the court requested deposit in the amount of 800 leva, the judge appointed an expert who will investigate the current financial status of Bularco Ltd and present a final report about it. This report is of biggest importance in such cases as it will present specific financial figures about the capability of the company to cover debts. The court also announced a court hearing date-24.01.2014, on which the expert report most probably will be heard.

Update from 29.01.2014
During the court hearing, held on 24.01.2014, the insolvency judge agreed that there is a need for additional information about the current financial status of the company. As a result of this additional expertises were appointed by the court. The court case was re-scheduled for 21.03.2014, when it is expected the court case to be announced for decision.

Update from 26.11.2014
Sofia City Court has dismissed the request for the announcement of Bularco Lrd. as insolvent. The procedure was initiated by Bulbuild BG and one local bank, but according to the court jury the request per art.625 of the Commerce Act was not well-grounded and this is why it was turned down. According to the court files, the decision was already appealed and it is up to the Appelate Court now to say what will be the destiny of this company.

We will keep you updated on all new things regarding the procedure.

Bulgariandeals Team

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