Банкеръ Weekly



Following almost a year-long battle in all legal instances, the Bank Consolidation Company (BCC) succeeded to collect BGN14.5MN from the Varna Shipyard which was declared insolvent in end-1999. On May 5, the Varna Regional Court which supervises the trustee in bankruptcy of the insolvent company Anelia Sarundeva odered that the money be transferred to BCC. The transaction was effected on May 10 and the money from the account of the trustee in bankruptcy at Corporate Bank was transferred to an account of BCC at BULBANK.The Varna Regional Court ordered the payment to BCC, when all legal instances, the Supreme Court of Cassation included, turned down the claims laid by lawyers of the shipyard's former employees. The employees insisted on being paid a part of this BGN14.5MN. In the summer of 2003, they claimed that the remuneration due by the shipyard should be paid with some of the money - BGN32.5MN, received from the sale of the shipyard's assets to the Navigation Maritime Bulgare (Navibulgar). Right after the deal was signed, BGN18MN was paid to BCC as the company owned the mortgages on three ships unfinished by the bankrupt company. The remaining BGN14.5MN was blocked by the Varna Regional Court because of a claim filed by former employees of the shipyard who refuted the legitimacy of one of the mortgages and pretended to get some of the money. In the course of one year, however, the courts rejected their claims and the BGN14.5MN is already indisputably owned by BCC. The settlement of that legal argument is of a special importance to BCC, which is expected to enter into liquidation procedures in September. If the problem with the money of the Varna Shipyard was not settled, that would had render the procedure difficult. Now the money will be entered as BCC's proceeds and will replenish its own funds, amounting to some EUR350MN at present. When the BCC is wound down, the money will be distributed between its shareholders. The State (represented by the Finance Ministry) which holds a 99.5% stake in the BCC will get the largest portion. The remaining 0.5% of BCC's capital are distributed between the Sofia Municipality and a large number of private stockholders, among which are Chimimport Invest, Nitex, EIBANK, ROSEXIMBANK and HEBROSBANK.

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