Cross-border insolvency representation


In the beginning of 2020, Ilieva, Voutcheva and Co. Law Firm was approached by Inoxis 01 Ltd. – a company, to which a public procurement for the delivery of helicopter maintenance supplies was awarded. In order to start the execution of the procurement, Inoxis 01 Ltd. concluded a sale-purchase agreement for a certain amount of the required helicopter spare parts. The goods were not delivered, and while dealing with the reasons for the non-performance, our client found out that insolvency proceedings were initiated against its contractor in UK. Our team was engaged with the task to represent Inoxis 01 Ltd. in the commenced insolvency procedure, which is taking place in the United Kingdom and is conducted in accordance with the English Law. An ancillary case was brought before the United States Bankruptcy Court, Northern District of Texas, insofar as the majority of the insolvent company’s assets are located there. The total amount of our client`s receivable is USD 55 632.31.

So far, we have sent a proof of dept to the appointed administrator and the receivable was accepted. We represented Inoxis 01 Ltd. in the virtual meeting of the creditors and actively participated in the discussion. As a result of the administration, the major assets across several foreign jurisdictions were realized and the administrator initiate and complete the process of existing the Administration via a Creditors Voluntary Liquidation (CVL) for the purpose of paying dividends to the Company`s creditors. At present, this project is still ongoing, but we are expecting а successful completion of the assignment soon and recovery of the debt.


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