Банкеръ Weekly



The liquidation meeting of the Varna Shipyard that was to be held in the beginning of this year, has been postponed for March or April, the company's trustee in bankruptcy Aneliya Ananieva-Srundeva told the BANKER weekly. She also added that the meeting should be held within a month after exhausting the mass of insolvency, but not all assets had been sold out yet. Currently, the procedure of the third closing down sale is going on in the company in which the receivables are offered at less than 50% of their price. During the first and the second procedure the prices were 75% and 100% respectively.
Another reason for delaying the liquidation is the new ordinance for preserving the pay-roll ledgers and insurance instalments of workers in the enterprises which have been declared insolvent. Formerly, these documents used to be sent for safe-keeping in the municipality where the bankrupt company has been registered. Now they have to be delivered to the regional department of the National Insurance Institute (NII), observing the requirements for handing over documents to the state archives, i. e. the files should not contain more than 250 pages, each page should have a number, and each file should include a list of its contents on the first and the last page. When the Varna Shipyard was declared insolvent more than 6,000 people were employed there. According to Ms. Aneliya Ananieva-Srundeva, the volume of documents is huge and the NII is not ready to accept them.
Insolvency procedures against the shipyard were opened in 1999 and the company was adjudicated bankrupt in January 2000. The enterprise's assets were evaluated at BGN39,742,130 by PriceWaterhouse Coopers EOOD. In the spring of 2002 the assets of the insolvent Varna Shipyard AD were sold out to Navigation Maritime Bulgare (Navibulgar) against BGN35.5MN.

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