Банкеръ Weekly



The Bank Consolidation Company (BCC) was allowed to take the remaining part of its receivables from the insolvent Varna Shipyard. The Varna Regional Court ordered that the money (BGN15.8MN) be paid to BCC, Judge Vanuhi Arakelyan who monitors the process of cashing down and allocating the shipyard assets, announced. Before that, however, the consolidation company has to win an argument in the Supreme Cassation Court with the other creditors who also claim for the millions. The debates arouse last April, when the assets of the Varna Shipyard were sold to Navigation Maritime Bulgare for BGN35.5MN. BCC pretended to take the bigger part of this amount as the bankrupt company owed it nearly BGN34MN, secured with mortgage on four unfinished vessels. These collaterals enabled the consolidation company to rank on top of the shipyard creditors and to insist on taking almost all revenues from its sale. Slightly more than BGN18MN has been added to the BCC accounts so far.Still, the employees and the other creditors of the bankrupt company (totaling 5,000) impeded BCC from receiving the remaining BGN15.8MN. They claim that BCC does not possess the necessary documents to prove that all ships have been mortgaged in its favour. That is why the trustee in bankruptcy of the shipyard blocked the BGN15.8MN until the dispute comes to a legal solution. In the beginning of last summer the case entered the Supreme Cassation Court which received all documentation and is about to make a decision. In case it decides in favour of BCC, the company will be able to take the BGN15.8MN immediately.Among all dissatisfied creditors who challenged BCC's rights on the remaining amount were employees of the shipyard, as well as Rossen Teodosiev - representing the Podkrepa Mutual Aid Fund, Valentina Simeonova sole proprietorship, the Cegielski plants in the Polish town of Poznan, Monix Marine Service, Radomir Metals, and the Swedish MacGregor Cranes company.

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