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As part of the bankruptcy proposal signed on July 10, a large number of documents regarding Varteks’ operations in the recent period have been released, including a table showing that outstanding loans – principal and interest amount to 16.61 million euros, and outstanding claims by domestic creditors (including settlements) amount to 4.26 million euros. The Commercial Court in Varazdin opened bankruptcy proceedings for Varteks on Friday and appointed Tomislav Djuricin as the trustee, scheduling a hearing for October 8 to discuss the claims.
The Legal Process of Bankruptcy for Varteks
After the court decision, the creditors will be called upon to inform the bankruptcy trustee within 60 days about the legal basis of their specific rights and the part of Varteks’ property to which their right applies.
The Agricultural and Land Registry Department of the Municipal Court in Varazdin has been ordered to register the bankruptcy in the land registers for Varteks – industrial facilities, warehouses, yards, land, business premises, and apartments in Varazdin, Gornji Kucan, Biskupac.
Bankruptcy Proceedings in Belgrade and Other Cities
In a recent court decision, several businesses in Belgrade were ordered to file for bankruptcy due to financial difficulties. Among them were a residential building in Knez Mihailova Street in the city center and a family apartment building in Zemun. Additionally, businesses in cities such as Shid, Vranje, and Prijepolje were also instructed to initiate bankruptcy proceedings for their commercial spaces.
The court also mandated the registration of bankruptcy for real estate properties in Bosnia and Herzegovina, including buildings, houses, and commercial spaces in Travnik and Novi Travnik. This decision affects a major entrepreneur who has been struggling to comply with accounting regulations and faces numerous financial challenges.
Bankruptcy case with significant assets
A bankruptcy case involving a significant amount of assets is currently being handled by the court. The debtor owns numerous real estate properties and assets, and employs a large number of workers. Due to the business relationships involved, it is expected that there will be a large number of creditors, requiring the bankruptcy trustee to work on compiling and listing numerous assets, as well as examining a large number of creditor claims,” stated Judge Hugo Vedemaer in the decision.
The decision emphasizes that Tomislav Djuricin was chosen as the bankruptcy trustee because “in other bankruptcy proceedings, this trustee has shown remarkable skills in handling such cases.”
Bankruptcy Proceedings Initiated Against Varteks Company
The Varteks company, known for its expertise, diligence, and orderliness in carrying out its work, has recently faced bankruptcy proceedings. The bankruptcy was initiated after the Commercial Court in Varazdin received a proposal from the President of the Board of Directors, Karl Koprek, to open bankruptcy proceedings due to several unpaid invoices for a period of over 60 days and the non-payment of three consecutive salaries, which are listed as grounds for bankruptcy.
Simultaneously with the proposal for bankruptcy, the Financial Agency (FINA) has confirmed the freezing of accounts and assets of the company by an executor, as part of the ongoing legal process.
Financial Troubles at Varteks
Varteks, a well-known company, has been facing financial difficulties for the past few months. The company has been under continuous blocking for 64 days, with a total unpaid debt of 2,246,670 euros. In the previous six months, Varteks has faced a total of 68 days of blocking. The company has outstanding loans of 16.61 million euros and demands totaling 4.26 million euros.
Bankruptcy Proposal
As part of the bankruptcy proposal signed on July 10th, a significant number of documents have been released regarding the operations of Varteks in recent times. One of the documents includes a table showing that the outstanding loans, including principal and interest, amount to 16.61 million euros. Additionally, the outstanding demands from domestic creditors, including settlements, are also being taken into account.
Bankruptcy Proceedings Launched for Varteks Industry
The bankruptcy proceedings for Varteks Industry have been officially initiated, with the total debt estimated at 4.26 million euros. On the other hand, claims related to employee salaries for the month of May amount to 593,046 euros.
The documentation submitted for the bankruptcy proceedings includes detailed analyses of the machinery and equipment, office supplies, vehicles, and artworks owned by Varteks, as well as a list of real estate properties and mortgages associated with the company.
According to the list of real estate properties and mortgages in the industrial area of Varteks, the most significant mortgage creditors, with amounts of 5.9 and 5 million euros, are ZABA and HBO.
The biggest shareholders in the company
After the recent financial report, it was revealed that the largest shareholders of the company are Stjepan Čajić and Nenad Bakić, both holding multimillion-dollar amounts of shares. This news has sparked interest in the business community.
