Representatives of a Spanish investor contacted us in relation to an on-going insolvency procedure in Bulgaria. Their demand is for refund of foreign investments of over EUR 22 mln. The creditor on its turn is also insolvent and the procedure is still pending before the Spanish before the Spanish court. The complexity of the case is intensified by the fact that the trustee in insolvency did not included the receivables of our client in the official List of Accepted Receivables. The final court resolution will have significant impact on the insolvency procedure on-going in Spain.
The achievement we have currently reached is that the receivable in question is not included in the List of Accepted Receivables. The latter automatically effects in participation of our client in the Meeting of Creditors. In this way he is secured his rights will be duly represented and guarded in the process of insolvency.
Currently, there is a court case opened and established by the debtor’s defense challenging the existence of our receivable. We continue representation of the client for this court case as well.