Insolvency procedure against Varna Estates Ltd.

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Insolvency procedure against Varna Estates Ltd.

Postby Admin » Fri Jun 01, 2012 2:18 pm

We will place in the current topic information about the insolvency procedure against Varna Estates Ltd.
Varna Estates Ltd., which is a daughter company of KMB Best of Bulgaria Ltd., has fallen into insolvency procedure and with a decsion from 25th of April the court has proclaimed sharing of their assets towards creditors.

Will will edit the current topic with any news regarding the procedure and the registration process.


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robert123
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Re: Insolvency procedure against Varna Estates Ltd.

Postby robert123 » Fri Dec 04, 2015 5:52 pm

Is there any update on Varna estates.
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Re: Insolvency procedure against Varna Estates Ltd.

Postby Admin » Mon Dec 28, 2015 9:14 am

Dear robert123,

As of 18.09.2014 Varna Estates is no longer existing as a company. During the insolvency procedure of the company, the court stopped the process and asked creditors to pay in advance some fees, which were needed for the process. The procedure remained stopped for 1 year- a period, during which none of the creditors paid any of the asked fees. On the basis of art. 632 of the Commerce Act, the court terminated the insolvency procedure and ordered the company to be deleted from the Commerce registry. This means that this company is no longer existing and none of the creditors have received or will receive any of their money.

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robert123
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Re: Insolvency procedure against Varna Estates Ltd.

Postby robert123 » Mon Dec 28, 2015 9:24 am

What's happened to the deposit that was paid for the apartments?

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Re: Insolvency procedure against Varna Estates Ltd.

Postby Admin » Mon Dec 28, 2015 12:49 pm

Dear robert123,

The deposit is lost as you can't even now claim the money thorugh courts- the company is no longer existing and you can't sue non-existing company. You should have registered your insolvency claim and participated in the insolevency process!

Bulgariandeals Team


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