Golf Club Ibar- Dolna Banya, Bulgaria

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Re: Golf Club Ibar- Dolna Banya, Bulgaria

Postby Admin » Thu May 23, 2013 12:01 pm

Dear Golf Club Ibar investors,

The court case decision, announced by Sofia City Court in court case N7588/2010 /which text you can see in one of the previous posts/, has entered in legal force as the developer Golf CLub Ibar Plc failed to pay the appeal fee within the pointed period of time. The successful claimer is now free to seek his money, including via the services of local bailiffs, which will result in placing restrictions over properties of the developer and auctioning of these properties.


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Re: Golf Club Ibar- Dolna Banya, Bulgaria

Postby Admin » Wed Dec 10, 2014 2:31 pm

Dear Golf Club Ibar Investors,

The developer of the golf course and the complex in Dolna Banya is under the threat of being put under administration. Insolvency procedure against Golf Club Ibar is opened. Sofia City Court /VI-2 jury/ already appointed an expert, who will see what is the real financial status of the company. The creditor, who is asking the insolvency, is Unicredit Bulbank- one of the largest banks in Bulgaria. Additionally the procedure was joined by three more creditors- Rhein Bird Germany Gmbh, Municipality of Dolna Banya and BBR Ltd. A court hearing is already appointed for 23.01.2015, from 13.30 hrs. If the company is announced as insolvent, this will mean that all other creditors of this company, should register their claims in one month period from the announcement of the decision at the local Commerce Registry. Not registering means losing the chance to claim your money back anymore.

We will open a separate theme on the insolvency of Golf Club Ibar in the Section "Insolvency procedures of local developers".


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Re: Golf Club Ibar- Dolna Banya, Bulgaria

Postby Admin » Tue May 10, 2016 7:43 am

Dear Golf Club Ibar investors,

The next court hearing in the insolvency procedure of the developer of Golf Club Ibar complex is scheduled for 20.05.2016 at Sofia City Court. We don't know whether this will be the last hearing, but if the court announces the case for decision, we may expect to hear in the next 30 days whether the insolvency will be really announced on not.

It is interesting to note that following the approach of this date, buyers in this complex /especially in the unfinished part of the complex/ are starting to prepare themselves for legal actions. We expect in short terms procedures to be initiated before Sofia City Court in case the developer is not announced as insolvent. If insolvency is announced, then these people will participate in the insolvency case most probably.

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Re: Golf Club Ibar- Dolna Banya, Bulgaria

Postby Admin » Mon May 30, 2016 8:54 am

The insolvency procedure of Golf Club Ibar is re-scheduled for 10.06.2016.

Creditors Unicredit Bulbank, Municipality of Dolna Banya and one german company are asked to pay 14 000 leva within the next 14 days for covering expenses, related to procedure.


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Re: Golf Club Ibar- Dolna Banya, Bulgaria

Postby Admin » Thu Jun 16, 2016 8:13 am

The insolvency procedure is once again delayed. The expert, who is appointed to examine the financial status of the company, informed the court that she has lacked time to complete the task. The new hearing date is 08.07.2016!


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