Insolvency procedure against Interlink BG /Nice Tours 2010/

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Insolvency procedure against Interlink BG /Nice Tours 2010/

Postby Admin » Mon Nov 05, 2012 1:15 pm

Dear investors,

The following topic is addressed to all of you who have paid money to a company Interlink BG Ltd in regards to the construction of complexes in Pamporovo /Cedar Heights/ and Kavarna /Windows to Paradise/.

Interlink BG Ltd /now operating under the name Nice Turs Ltd. 2010/ have submitted a request to the local court in Smolyan for announcing them as insolvent. The request is dated 26.09.2012 and a court case with number 177/2012 was formed. The request of the developer is now entered in the Commerce Registry. The developer confirms in their request their financial problems and even attach to the request numerous court case decisions and execution lists, issued against them. Now an expert appointed by the court will perform an investigation of their financial status and this will help the court to decide.

We will update you regularly about the process.


Bulgariandeals Team

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Re: Insolvency procedure against Interlink BG /Nice Tours 20

Postby Admin » Thu May 09, 2013 10:46 am

Dear Windows to Paradise and Cedar Heights investors,

With a court decision dated 30.04.2013 of Smolyan District Court Interlink BG /new name Nice Tours 2010/ are announced as insolvent. The court has opened officially a one month registration period, in which all creditors of the company can register their claims before the court. Please note that not registering your claims means that you can't claim money on later stage as the company is expected to be terminated after the end of the procedure. The insolvency court case was initiated by Raiffaisen Bank Plc. The insolvency date set by the court is 03.12.2008, which means that all actions of the company after this date will be reviewed and some of them may be cancelled by the court. The court also appointed a trusted assignee, named Krasimir Petrov Ivanov.

Update from 18.06.2013

The trusted assignee has made his final decision on all submitted insolvency claims within the registration period per art. 685 of the Commerce Act. The total number of accepted claims is around 40, including claims of several local companies, local tax agency and many foreign investors. The full list is already announced at the Commerce Registry. If you need any information on the list, please contact us. Now all parties have the right to appeal the list, if they are not happy with it within 7 days period, starting from today. After that the court will decide on possible appeals and will make his final decision on this first list of creditors.

Update from 22.07.2013
IMPORTANT UPDATE!!!
A very disturbing information has reached our team. Local law companies in Bulgaria, in their attempt to get clients, have explained to various investors in Cedar Heights complex and Windows to Paradise complex, that they are actually controlling the whole insolvency process and that the distribution of money to investors depends on these companies. PLEASE HAVE IN MIND THAT THESE ARE ONLY CHEAP TRICKS TO CATCH YOU AS CLIENT!!! Law companies can only represent and protect your interest during the process, but the actual control over the process is in the hands of the insolvenvy judge and the appointed trusted assignee. They are those deciding whose claim to be accepted and whose rejected!! Consider carefully your actions and don't let yourself be cheated!

Update from 02.08.2013
Six more days are left before the registration window closes forever, leaving all creditors of the company with no chance to claim their money back via different court procedures on later stage. If you are a creditor of the company, please do not wait, but register your claim within the next several days!!!

Update from 08.08.2013
The final deadline for registration of insolvency claims expires in several hours time. After the registration window closes, creditors won't be allowed to claim money from the company. All people who have failed to register, but are owed money by Interlink BG, can actually forget about these money. We wish luck to all registered creditors in their fight with Interlink!

Update from 28.08.2013
The second and final list of creditors of Interlink BG /new company name Nice Tours 2010/ was published today at the local Commerce Registry. The list includes 23 creditors, including a company which is supposed to be closely connected to Interlink BG and also the National Tax Agency. All creditors can appeal the list in 7 days period before the insolvency judge, who will make the final decision on the list after reviewing any submitted appeals.

Update from 17.10.2013
Finally there are some news in regards to the Interlink BG's insolvency procedure. After the announcement of the lists of creditors at the local Commerce Registry there was some delay in the process. It appears that on 05.09.2013 and within the legal period of time Interlink BG appealed the list of accepted creditors partialy. The developer is appealing the accepted claims of 10 creditors. We have the names of these creditors and their legal representative, but won't disclose them here due to objective reasons. If someone is interested in whether his claim is appealed or not, he/she can write us here or at our e-mail address: support@bulgariandeals.com. The appeal, submitted by the developer, is now scheduled for an open court hearing. The date of the hearing is 20.11.2013, from 11.00 hrs. After the appeal is heard, the court is expected to announce his determination for the final list of creditors.

Update from 16.01.2014
We can now confirm that the final list of creditors is announced at the local commerce registry. The court case lots of changes in the initial list, announced by the trusted assignee. All people, who are not happy with the list, can submit additional claims within the next 7 days. If you are interested whether your claim is approved or not, please contact us at: support@bulgariandeals.com.

Update from 06.03.2014
Smolyan District Court announced a new decision, announcing officially Interlink BG /new name Nice Tours 2010/ for bankrupt. The name of the company is now "Nice Tours 2010-in bankruprcy" Ltd. With the same decision the court fordibs the company to perform any actions with assets, included in the insolvency pot. All managers of the company are not allowed to represent the company anymore. The court is placing full restrictions on all assets and accounts of the developer. The court is instructing the start of the sale of all assets of the company and the distribution of all money, received from this sale.
In connection with the last thing above, the insolvency judge is appointing a Meeting of creditors, which will be held in Smolyan on 19.03.2014. A decision about the appointment of evaluation experts and their salaries will be made on this meeting.
The decision of the court, announcing the developer in bankruptcy, can be appealed in 7 days time since its announcement at the Commerce Registry.

Update from 03.04.2014
Yesterday, on 02.04.2014, a meeting of creditors was held at Smolyan District Court. The meeting started at 11.00 hrs and 95.00% of the creditors were represented by their lawyers. The meeting started with an appeal that three of the creditors- Glaza Ltd., Sist-Project and Iv-Georgieva Ltd. have no right to participate in the Meeting as their accepted claims are currently attacked in court following a claim per art.694 of the Commerce Act. It may appear that their claims were accepted on the basis of fake documents, so their participation as creditors is put under question. The judge decided that she should allow these creditors to participate at this Meeting.
Three main questions were discussed at the meeting:
1/ Order for selling assets of Interlink BG /Nice Tours 2010/
The representative of the National Revenue Agency offered all assets to be sold, using as criteria "the best received price". This was supported by some other creditors. Raiffizen Bank Plc offered the order for selling assets to be determined by the kind of assets and not only by the price. Their offer was the Blocks in Kavarna /where Windows to Paradise is located/ to be sold as whole blocks and not as separate apartments, while the apartments in Cedar Heights complex to be sold separately. Other creditors supported this. At the end, after a voting procedure it was agreed the offer of the bank to be accepted;
2/ Method for selling
Once again there was a difference between what was offered by tax authorities and the bank. Separate creditors supported one of the proposals, but at the end after a voting it was agreed the offer made by the bank to be accepted. This means that during the evaluation of the assets the future experts should take care for the similar prices of similar assest as those, which will be sold.
3/ Evaluator and price for evaluation;
It was agreed as evaluator to be appointed a company, offered by Raiffiazen Bank Plc. The expenses for the evaluation, which will be covered by the creditors, should stand at 3900 leva.

It is interesting to note that the meeting of creditors was stopped for 20 minutes after it appeared that the trusted assignee, appointed by the court, has mistaken his calculations about the percent of claims of separate creditors. New calculations were made, but we can't comment whether this mistake was made intentionally or not.

Update from 08.05.2014
The insolvency procedure of Interlink BG /Nice Tours 2010/ has entered in new and very interesting phase, in which the main role is played by creditors and the trusted assignee. Since 14.03.2014 up to this current moment the trusted assignee has submitted before the court in Smolyan several claims for termination of title deeds. Opposite parties in these claims are companies, which are suspected to be very close to Interlink BG, and namely- Wexford Investments Ltd., Holiday Tours Ltd., Sist-Project and IV-Georgieva Ltd. Five apartments, owned currently by IV-Georgieva Ltd. are under attack as the trusted assignee is now trying to prove that these apartments are transfer to this company from Interlink with the only intention to hurt the interest of the other creditors of the company. 38 apartments, currently owned by Sist-Project are also under this kind of legal/court attack. The situation is the same with 6 apartments, owned currently by Holiday Tours Ltd and 6 more apartments, owned by Wexford Investments. This means that the property transfers of 55 apartments made by Interlink towards these companies can appeared invalid and all these apartments may be included in the insolvency pot.
The other interesting this here is that 8 foreign investors are also threatened to lose their properties. The apartments of these people were all transferred in the last 2-3 years and claims here being submitted in April before the court in Smolyan.

Update from 30.05.2014
The list of court cases, started by the trusted assignee of Interlink BG for termination of property transfers, is increasing. We now have the names of all foreign owners whose apartments are restricted via entered claim. We are talking about apartments, located in Cedar Heights 3 and Cedar Heights 2 complexes. The claims were officially entered at the local Land registry two weeks ago, which means that the court procedures are initiated and we can expect court hearings to be announced in short periods of time.
As we are not allowed to place names here, we can offer each person, who is interested whether his property is affected by these procedures or not, to write us an e-mail giving his name and apartment number and we will confirm the status of the property.

In all cases we will be following all these procedures and inform you about any news. We advise all people with title deeds in CH 1, CH 2 and CH3 complexes to check their properties and see if any claim is entered over their property at the local Land registry, or to check whether their names are present in the system of the Court in Smolyan.

Update from 10.06.2014

The newest update, connected with the insolvency procedure of Interlink BG /Nice Tours 2010/, is based on official determination of the court, which is asking all participating creditors to pay in advance insolvency expenses in the amount of 90 000 leva. The deadline for paying these is 7 days, which period in all cases is too short and the sum won't be paid. The sum should be divided between all participating creditors with accepted claims and if it is not paid within this short period of time, the case will be stopped for a period of 1 years. During this period of time no progress will be made until the payment of the expenses is made. What we know is that 30 000 leva from the total amount, pointed above, are needed for security of all assets of Interlink BG, while the sum of around 44 000 leva is connected with payment of the salary of the trusted assignee and outside lawyers, who are performing the cancellation claims, about which we already placed information.

In regards to the apartments in Cedar Heights complex, which are affected by termination claims and following numerous questions from members of the forum, we would like to confirm that 10 days ago /when the last check was made by us/ the following apartments were affected by the claims:
1/ apartment 41 in CH3;
2/ apartment 93 in CH3;
3/ apartment 59 in CH3;
4/ apartment 78 in CH3;
5/ apartment 25in CH3;
6/ apartment F19 in CH2;

If the owners of the above apartments need any assistance on preparing their defense in these cases, we can give you contact details of local lawyers, who are working on this case for a long time and who are familiar with all Interlink BG issues.

Update from 19.06.2014

Members of our team managed to examine part of the court papers, regarding the cancellation claims, submitted by the trusted assignee against some owners of apartments in CH complex. The trusted assignee is attacking mainly deals, completed not later than 14.11.2010. He is claiming in court that what the buyers have paid for their apartments is extremely low for these properties and asking the court to cancel the title deeds and include these apartments in the insolvency pot. Some of the affected owners already received court papers at addresses in Bulgaria and have 14 days period to organize their defense and submit all proofs they have on their side. If you are one of the affected owners and you are wondering what to do, please immediately organize your legal defence by appointing a lawyer, because your non-participation in the procedure may lead to automatic completion of the procedure with a decision against you. If you need any assistance or guidance on the above, do not hesitate to contact us as our colleagues are already working on some of these cases.

Update from 02.07.2014
New apartments are now under court attack after Bill of claims were entered over the following properties:
1/ Apartment 60, located in Cedar Heights 3 and owned by Patrick Henry and Therese Henry;
2/ Apartment 5, located in Cedar Heights 2 and owned by Venelin Imalov;

We ask those people to organize their defense or they risk losing their properties!!

Update from 04.07.2014
The information in the current update is connected with the information we already presented in our updated dated 10.06.2014. As you already know the court announced that all participating creditors should collect the total sum of 90 000 leva. So far the sum was not paid and this made the court to announce a new determination. In this determiantion the court is describing precisely the amount, which should be covered by each creditor, so creditors will bigger claims are asked for bigger contribution and those with smaller claims- for smaller contribution. We can only advise all participating creditors to contact their legal teams and ask for more details on the precise asked sum. In order to avoid being cheated with the sum, we can advise you to ask your representatives for copy of the determination of the court and translation of this same determination. The court is also saying that creditors should pay these sums in 7 days period or the judge will follow art.632 of the Commerce Act and stop the case!

Update from 20.10.2014
The insolvency judge is now expected to make a decision on whether to proceed with the case or stop it until the full payment of the expenses, requested by her. Only small part of creditors made payments towards the court, so it is very likely the procedure to be stopped for some time until the full amount is collected.
Another interesting thing connected with the company is that one of the shareholders in this company, named Borislav Terziev, is making attempts to leave the company. He already submitted two requests before the local Commerce Registry, but both times he received negative answers, which means that he is still involved with the company. It is really intersting why this person has decided at this current moment to leave the company, but we can only suggest that his desire is connected with the numerous cancellation cases against the company, which at the end may lead to police and tax procedures against the company and its shareholders for hidded taxes.

Update from 27.10.2014
Following a surprise determination of the insolvency judge, it was accepted that the insolvency case won't be stopped. The sum of 90 000 leva, requested from creditors, is not collected up to this current moment, but the judge decided not to stop the case and wait for creditors to collect this sum. The insolvency judge decided to collect the needed sum from the sale of assets, owned by Interlink BG and not mortagaged in favor of Unicredit Bulbank. The trusted assignee has received permission from court to proceed with this sale, but it is still unknown which assets will go on sale and for what sum. The evaluation of the assets should be performed by licenced expert and all creditors will be informed about the sale prices as soon as the evaluations are ready.

IMPORTANT UPDATE FROM 17.12.2014
In some of our previous updated we informed you about several termination claims, submitted by the trusted assignee of Interlink BG /Nice Tours 2010 Ltd./. The main object of these claims was to proclaim as invalid some property transfers, made by the company towards third parties. With court decisions, dated 12.12.2014, the Regional Court in Smolyan completed 5 of these court cases, but namely:
1/ Commerce Court case 16/2014- the court here dismissed partially the claim against one local company in regards to apartments A16 and D9 in CH complex, but announced as invalid the title deeds /property transfers/ of several apartments- A-12, A-29 and A-32; The last three apartments are actually included now in the insolvency pot;
2/ Commerce Court case 17/2014-the court here fully dismissed the claim against one local company in regards to apartment 96, apartment 105, apartment 77, apartment 62, apartment 58, apartment 51;
3/ Commerce Court case 18/2014-the court fully dismissed the claim against Wexford Investment Ltd in regards to apartments B-2, A-18, A-11, C-1a, B-12, C-10;
4/ Commerce Court case 40/2014-the court fully dismissed the claim against the UK citizen John Richard Grundy in regards to apartment F-19;
5/ Commerce Court case 51/2014- the court fully dismissed the claim against one bulgarian citizen Vasil Imalov in regards to apartment E-5;
The abovementioned court decision can still be appealed before the Appelate Court in Plovdiv.

Update from 06.02.2015
With a decision of Smolyan District Court, dated 28.01.2015, the court has turned down an appeal submitted by the manager of the company against act of the Commerce Registry, which is not allowing one of the shareholders Borislav Terziev to leave the company. The court is confirming that the act of the registry is correct and legal and Mr. Terziev is still considered as shareholder of the company. This is the second court decision of the court in Smolyan with the same object- the result was absolutely the same during the first attempt of Borislav Terziev to leave the company.

Update from 04.05.2015
As a result of Interlink's insolvency procedure the public auction of several apartments in Cedar Heights complex is now being announced. The apartments put for sale are as follows: D7, D19, E17, G13 and G18. The auction process ends on 10.06.2015 and if any bids are submitted they will be opened on the next working day. The sale prices for the apartments vary, but they are around 45-50 000 leva for apartment.

Update from 14.05.2015
We reached some very interesting information in regards to this developer, but namely:
1/ The cancellation claims, started by the trusted assignee and having an object the cancellation of title deeds for apartments, transferred by Interlink towards third persons, are most probably doomed. Bigger part of these claims were lost at first instance, but decisions have been appealed before the court in Plovdiv. In most of the cases the judges in Plovdiv have allowed the hearing of triple expert opinion about the evaluation of the affected apartments and instructed the assignee to pay specific expert fees. Up to this current moment the assignee has not paid anything and he is given last chance to make such payments. Non-paying means that these cases will be lost by him and the apartments will stay property of their current owners.
2/ The public auctions of the apartments is not going very well. There are not interested people so far and considering the asking prices, it is very unlikely such people to appear on the horizon;
3/ One of the developments of Interlink BG in Kavarna /Windows to Paradise/ is near total collapse. Following major earthfalls some of the building are like the power in Pisa and the only possible thing is their total demolition as part of the buildings are very dangerous now. It is interesting to note that some local lawyers are convincing clients to start court cases for taking ownership of units in these collapsing buildings and clients are not even informed about this important information. We find this extremely unproffessional as people are asked to pay more legal and court fees, risking to stay with empty hands once again!

Update from 08.09.2015
Bigger part of the cancellation court decisions, announced last year by the court in Smolyan, are now confirmed by the Appelate court in Plovdiv. In most of these procedures the claimer /the assignee of Interlink BG/ failed to prove his statements. Some of the decisions of the Appelate court are now in legal force as they were not appealed before the Supreme Court of Casation.
Raiffaisen Bank- the bigger creditor of Interlink BG are out of the process after they sold their claim to local debt-collecting company. The price paid to the bank is unknown, but in all cases it is lower than the total value of their claim.


We advise all buyers, who have been waiting until now, to consider actions immediately. If you need any assistance, please do not hesistate to contact us.


Bulgariandeals Team

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