Insolvency procedure against Bulbuild BG Ltd.

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Insolvency procedure against Bulbuild BG Ltd.

Postby Admin » Thu Dec 04, 2014 2:29 pm

Dear Investors,

In the current topic we will place valuabe information about the insolvency procedure against Bulbuild BG Ltd.

A creditor of the Bulbuild BG, named Astroco Plc, submitted a request for the announcement of Bulbuild BG Ltd. as insolvent. The court hearing on this request is scheduled for 10.02.2015, from 14.00 hrs. If the insolvency judge confirms that the company is in poor financial status, the official insolvency proces will be opened and all creditors will be given a short 1 month period to register their insolvency claims before the trusted assignee and the insolvency judge. We can only advise all creditors of this company to prepare to their participation in the process by providing all needed proofs, confirming their claims against the company.

Update from 12.02.2015
The first court hearing, connected with the insolvency process of Bulbuild BG, was held on 10.02.2015. Unfortunately the expert, appointed by the court to handle all accountant documents of the company, failed to present its report on time. The report was presented at the day of the hearing and not at least 7 days earlier, as the local law is saying. This was the reason the case to be re-scheduled for a new date- 17.03.2015, 14.30 hrs.

Update from 20.03.2015
One of the experts failed to perform his report on time /this is the accountancy report/, which lead to new delay of the whole procedure. The court announced new hearing date- 12.05.2015.

Update from 09.06.2015
The insolvency procedure of Bulbuild BG was once again delay due to the need of new exprtise. The new hearing date is 15.09.2015, fro, 13.30 hrs.

Update from 17.09.2015
The court announced the court case for decision. Now we have to wait around 1 month before seeing whether the company will be announced as insolvent or not. We will keep you updated on this decision, but advise all creditors of the company to be ready for registering their insolvency claim. In case of any need, do not hesitate to contact us at:

Update from 21.10.2015
Sofia City Court announced its decision on 20.10.2015. The request of the local company, named Astroko Ltd, for announcing Bulbuild BG for insolvent was rejected. Astroko were sentenced to pay Bulbuild BG all court expenses, which are nearly 19000 leva. The decision can be appealed before the higher Sofia Appelate Court in 14 days time.

We will place in the current topic all new updates regarding the insolvency procedure of Bulbuild BG Ltd.

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