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Vincent F. Alexander

Lewis Brisbois Bisgaard & Smith LLP

110 S.E. 6th Street, Suite 2600

Fort Lauderdale, FL 33301

954-939-3371 vincent.alexander@lewisbrisbois.com

Case 20-13300-LMI Doc 1 Filed 03/11/20 Page 3 of 13
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Reference number: 6 St-1788/18-13 

Republic of Croatia 

Commercial Court in Osijek 

Osijek, Zagrebačka 2 

Reference number: 6 St-1788/18-13 

REPUBLIC OF CROATIA 

DECISION 

Commercial court in Osijek, by insolvency judge Nada Roso, concerning the proposal filed 

by the proponent: FINA RC Zagreb for initiating of bankruptcy proceedings against the debtor: 

ADRIA MM produkcija d.o.o. Zagreb, Srebrnjak 128C, PIN: 05311074805, registry 

number: 080759343, on 21 March 2019 

renders the following decision 

1. Bankruptcy proceedings are hereby initiated against the debtor Adria MM produkcija d.o.o.

Zagreb, Srebrnjak 128C, PIN: 05311074805, registry number: 080759343.

2. Jelena Kordić, Višnjevac, E. Kvaternika 44 A, PIN: 78573539971 is appointed as the

bankruptcy trustee.

3. Creditors are hereby invited to file their claims with the bankruptcy trustee within 60 days as

of when this decision was published on the e-bulletin board of the court, in accordance with

the rules for filing of claims laid down in the Bankruptcy Act (Article 257 BA – OG No. 71/15),

in standard forms in two copies, with documents from which the claims arise, accompanied by

a certificate of payment of 2% of the value of the claim, but not more than HRK 500.00, to the

account of the state budget, number: 1001005-1863000160 with ref. no. 64 5045-3531-1788-

18.

4. The bankruptcy trustee will draw up a schedule containing claims of employees and former

employees of the debtor which became due before the initiation of bankruptcy proceedings,

which shall be reported in gross and net amount, which shall be presented as a filing for signing

in two copies.

5. If an employee or a former employee of the debtor has not filed their claims, it shall be deemed

that they so did, in accordance with the schedule of claims from Paragraph 3, Article 257 of

the BA.

6. Claims of lower ranking creditors shall be filed only following a special decision of the Court.

When filing such claims, it should be specified that lower ranking claims are concerned, and

creditor ranking should also be mentioned (Article 257, Paragraph 5 of BA).

7. The Court shall issue a decision rejecting the filing of a claim if submitted after the expiry of

the above time-limits (Article 257, Paragraph 6 of BA).

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Reference number: 6 St-1788/18-13 

8. Creditors with separate satisfaction rights and exclusion rights are invited to notify the

bankruptcy trustee of their rights, within 60 days as of when this decision was published on

the e-bulletin board of the court, in accordance with the provision of Article 258 of BA.

9. Creditors with exclusion rights must notify the bankruptcy trustee of their right, the legal basis

of the right and indicate the object to which their right refers to, i.e. indicate the right referred

to in Article 148 BA (Paragraph 258, Paragraph 1 of BA) in the notification.

10. Creditors with separate satisfaction rights must notify the bankruptcy trustee of their right, the

legal basis of their right and the distinct part of the debtor’s assets over which they enjoy the

separate satisfaction right. If creditors with separate satisfaction rights file claims also as

bankruptcy creditors, they must specify the distinct part of the debtor’s assets over which they

enjoy the separate satisfaction right and the amount up to which their claim will likely not be

settled by enforcing that right (Article 258, Paragraph 2 and 3 of BA).

11. Debtor’s debtors are invited to fulfill their obligations to the bankruptcy trustee for the debtor,

without delay (Article 129, Paragraph 1 of BA).

12. Bankruptcy proceedings have been initiated on 21 March 2019 at 11:45 a.m. when this

decision on initiating bankruptcy proceedings was placed on the e-bulletin board of the court

(Article 129, Paragraph 3 of BA).

As of the day when this decision was published on the e-bulletin board, the legal consequences

of initiating bankruptcy proceedings shall occur.

13. A creditors’ hearing on which the filed claims will be examined (examination hearing) is

scheduled for 3 July 2019 at 10.00 am while the reporting hearing is scheduled on the same

day at 10:10 am in the building of this court in Osijek, Zagrebačka 2, room no. 36, second

floor, both of which the creditors are invited to.

14. This decision on initiating bankruptcy proceedings shall be registered with the Court Registry

of the Commercial Court in Osijek (Article 129, Paragraph 2, BA).

Rationale 

On 6 April 2018, the proponent FINA RC Zagreb filed a motion for initiating bankruptcy 

proceedings against the debtor Adria MM produkcija d.o.o. Zagreb, Srebrnjak 128C, PIN: 

05311074805, registry number: 080759343, as on 22 September 2017 the debtor had recorded, 

yet unexecuted payment requests in the Fina registry of priority payments continuously for 120 

days in a total amount of HRK 939,872.70 and has only 1 employee. 

By the decision of the Commercial Court in Osijek no. 6 St-1788/18-4 as of 1 February 2019, 

preliminary proceedings were initiated to determine the conditions for initiating bankruptcy 

proceedings against the debtor, and Lovorka Juranović from Rijeka was appointed as interim 

bankruptcy trustee by automatic ballot, and a hearing was scheduled for discussing the proposal to 

initiate bankruptcy proceedings on 20 March 2019. 

On 20 March 2019, the interim bankruptcy trustee submitted a written report on the financialeconomic position of the bankruptcy debtor, which she also presented verbally at the hearing held 

on 31 January 2018, and which states: 

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Reference number: 6 St-1788/18-13 

The proposal to initiate bankruptcy proceedings against the debtor was filed by FINA RC 

Zagreb, stating that on 3 April 2018 the debtor had in the Fina registry of priority payments 

recorded, yet unexecuted payment requests continuously for 120 days in total amount of HRK 

939,872.70, which amount includes interest and the fee for the implementation of enforcement 

issued by FINA and that the debtor has only 1 employee. 

The debtor ADRIA MM PRODUKCIJA d.o.o. za usluge (PIN: 05311074805) Zagreb, 

Srebrnjak 128C, was established and registered in the court registry of the Commercial Court in 

Zagreb on 21 March 2011 as a limited liability company, with registered share capital in the 

amount of HRK 470,000.00. 

Shareholders of the company are Nikola Bušljeta (PIN: 88933480667) from Velika Gorica, 

Ksavera Šandora Đalskog 15, shareholder and Sandi Küplen (PIN: 50014856904) from Slovenia, 

Ljubljana, Zaloška cesta 083, shareholder. 

The authorized representative is Nikola Bušljeta (PIN: 88933480667) from Velika Gorica, 

Ksavera Šandora Đalskog 15, director, representing individually and independently. 

Nikola Bušljeta as the legal representative of the company received a brief sent to him on 

4 February 2019 at his address listed in the court registry and was also contacted via telephone. 

In a telephone conversation the debtor’s legal representative stated that the company 

organized the Ultra Europe festival in Split and sold tickets for that festival, but that the company 

lost the opportunity to organize that festival in 2017 and since then does not generate revenue and 

therefore does not have sufficient funds to finance itself. The last festival organized by the debtor 

was in 2016 (the company organized the festival for 4 years in a row). The debtor is engaged in a 

dispute before an American court, with an American company for damages due to a premature 

termination of the contract which led to the loss of license needed to organize the festival. He states 

that currently, the company does not have any employees. Moreover, he states that the debtor’s 

accounting is run by the company Antares revizija d.o.o. Zagreb, specifically Ms Ivana Matovin, 

who subsequently submitted Analytical Gross Balance Sheets for 2018 and 2019, which are 

submitted here, as well as the Decision of the District Court of South Florida no. 17-21603-CIVMORENO as of 24 September 2018. She also stated, regarding the submitted balance sheet, that 

a correction will be made for 2017 (due to the cancellation of invoices issued for Ultra 2017) and 

that it is still necessary to carry out adjustments and write-off suppliers in prescription. 

By inspecting the latest published annual financial reports for 2017 it was determined that, 

on 31 December 2017, the company had recorded assets in the amount of HRK 8,964.434, while 

according to the balance sheet, on 31 December 2017 the short-term liabilities amounted to HRK 

12,459.524 and long-term liabilities were not recorded. 

The balance sheet on 31 December 2018 recognized the value of material assets in the 

amount of HRK 1,267.00 (tools, operating inventory and transport equipment), and short-term 

assets in the amount of HRK 86,828 consisting of receivables from the state HRK 50,328 and other 

receivables amounting to HRK 36,500. Short-term liabilities as of 31 December 2018 amount to 

HRK 10,994,049. 

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Reference number: 6 St-1788/18-13 

The debtor’s accounting department submitted a court decision from the USA court in 

Florida, no. 17-21603-CIV-MORENO as of 24 September 2018 by which the plaintiff’s-debtor’s 

claim for the payment of $866,000.00 was accepted against the defendant Worldwide 

Entertainment Group Inc., and simultaneously the counterclaim was also accepted by which the 

debtor as a counter-defendant was obligated to pay to the counter-plaintiff the amount of 

$366,211.00. The decision is not final, expenses of the court and attorneys are high and largely 

unsettled, therefore the attorneys engaged in the proceeding will likely revoke their power of 

attorney. 

It is evident from the certificate issued by CVH STP “MTT” Rijeka as of 4 February 2019 

that the debtor is not registered as a vehicle owner. 

It is evident from the certificate issued by the City office for Cadaster and Geodetic 

activities on 6 February 2019 that the debtor is not recorded as a real estate possessor. 

It is evident from the Certificate issued by the land registry department of the Municipal 

Court in Zagreb no. 8933/2019 as of 6 February 2019 that the debtor is not registered as an owner 

or a holder of a right regarding properties in the land registry and in the book of deposited contracts 

relevant for the competence area of that land registry department. 

According to available and above-cited information on the status of the debtor’s assets and 

liabilities, it is evident that the insolvency reason referred to in Article 6, Paragraph 1 of BA exists, 

since the debtor’s bank account is blocked, and likely also the insolvency reason from Article 7, 

Paragraph 1 of the BA, since the debtor’s liabilities exceed the value of its assets, whereby the 

most valuable assets consist of receivables which cannot be determined with certainty as existing 

or chargeable, i.e. these are receivables based on a judgment which is not final and the outcome of 

the court dispute is uncertain. Therefore, I conclude that the company does not have assets 

sufficient to cover procedural expenses. 

PRO FORMA LIST OF BANKRUPTCY PROCEDURAL COSTS 

1 One-time award to the interim trustee based on Article 4 of 

Regulation on criteria and method of calculating payments of 

awards to bankruptcy trustees

HRK 5,000.00 

2 Material expenses of the interim trustee (for sending the letter to 

debtor’s legal representative, according to the certificate of 

registered consignment dated 4 February 2019, with Annex 1-

HRK 14.60; the expense of sending 1 consignment to the land 

registry department of the Municipal Court in Zagreb HRK 11.50 

according to the transmission report, stamp duties for the 

certification of land registry department and cadastre HRK 

50.00) 

HRK 77.10 

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Reference number: 6 St-1788/18-13 

3 Travel expenses made for the purpose of arriving at the hearing 

on 20 March 2019 by the trustee (Rijeka-Osijek 440 km 

x2x2HRK/km+ toll road HRK 192 x2)

HRK 2,144.00 

4 Expenses for making of company seal HRK 180.00

5 Opening, running (12 months) and closing an account HRK 800.00

6 Accounting expenses (HRK 625.00 x 12months) HRK 7,500.00

7 Travel expenses made by the bankruptcy trustee (3 departures 

Rijeka-Osijek-Rijeka) 

HRK 6,432.00 

8 Material expenses of bankruptcy trustee HRK 1,000.00

10 The cost of publishing annual financial reports x 2 HRK 460.00

9 Lump-sum fee in bankruptcy proceedings, Tariff no. 24 of the 

Court Fees Act 

HRK 2,000.00 

10 Expenses made for archiving documentation HRK 2,000.00

11 Award given to the trustee-16% of what is expected to be cashed 

in from the debtor’s assets in the amount of HRK 10,000.00 

(Article 7 of the Regulation) 

HRK 1,600.00 

12 Total HRK 29,193.10

Given that in regards to the debtor bankruptcy reasons have been met and the debtor does 

not have assets from which procedural expenses can be settled, it is proposed that pursuant to 

Article 132, Paragraph 1 of the BA the court invites persons who have legal interest in initiating 

bankruptcy proceedings to make a down payment within 15 days to advance the costs of 

preliminary proceedings and initiated bankruptcy proceedings in the amount of HRK 29,193.10, 

if the invited persons do not make a down payment within 15 days it is proposed to open and close 

bankruptcy proceedings. 

The proxy of the debtor-attorney agrees with the report and proposal made by the interim 

trustee. 

Following an additional question from the County State Attorney’s Office, the debtor’s 

proxy-attorney stated that in relation to proceedings conducted before the court in Florida, a nonfinal decision has been rendered in which the insolvency debtor had a status of a plaintiff, and 

under which decision the defendant is liable to pay $866,000.00 to the plaintiff here-insolvency 

debtor, while also the counterclaim of the defendant was put forward for payment of $366,211.00. 

The debtor’s proxy also states that the debtor was awarded fees for legal proceedings following a 

final decision of the High Commercial Court in Zagreb in the amount of HRK 23,625.00 and that 

this amount shall be paid by the Croatian Composers’ Society. A copy of this second instance 

decision is submitted to this file.

The debtor’s proxy-attorney proposes that costs from the aforementioned proceedings are 

paid into the account of the attorney-proxy of Adria MM produkcija d.o.o., given that the costs are 

related to the proceedings and the attorney Ivan Matić from Zagreb represented the bankruptcy 

debtor in the said proceedings. 

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Reference number: 6 St-1788/18-13 

The interim trustee stated that until now she was not aware of the aforementioned final 

decision of High Commercial Court in Zagreb and considers that the decision constitutes assets of 

the bankruptcy debtor from which, at least partially, procedural expenses could be paid and in the 

event of initiating bankruptcy proceedings against the debtor, the debtor’s proxy can file his claim 

as any other creditor of the insolvency estate. Consequently, the interim trustee proposes that 

insolvency proceedings are initiated against the debtor. 

The County State Attorney’s Office Advisor agrees with the above proposal of the interim 

bankruptcy trustee to initiate bankruptcy proceedings. 

The debtor’s proxy-attorney agrees with the above proposal of the interim bankruptcy 

trustee to initiate bankruptcy proceedings. 

In the course of presenting evidence, the court read the documentation from the file which 

consists of: FINA’s proposal as of 4 April 2018 for initiating bankruptcy proceedings, historical 

court registry excerpts, brief from FINA as of 5 February 2019, Analytical gross balance sheet for 

2017 as of 11 March 2019, e-mail as of 12 March 2019, Certificate from the Geodetic Cadastral 

Office as of 6 February 2019, Certificate from the Croatian Center for Vehicles as of 4 February 

2019, Certificate from the Zagreb land registry department as of 6 February 2019, Decision from 

the High Commercial Court in Zagreb 37 Pž-1128/19. 

Following the reasons given above, the court has come to believe that the conditions for 

initiating bankruptcy proceedings against the debtor have been met as provided by Article 5 of the 

Bankruptcy Act, since the debtor is insolvent, over-indebted and not liquid and is unable to 

continue its business. Therefore, it was decided as provided above, pursuant to the provisions of 

Articles 129, 130, 131, 257 and 258 of Bankruptcy Act (OG no. 71/15 and 104/17 hereinafter: 

BA). 

Moreover, pursuant to Article 85 Paragraph 2 of BA in relation to Article 84 Paragraph 1 

BA, Jelena Kordić, Višnjevac, E. Kvaternika 44 A, OIB: 78573539971, has been appointed as 

a bankruptcy trustee appearing on list A of trustees for the area of this court, selected automatically 

since Lovorka Juranović, Rijeka, Verdieva 6/III, OIB: 83481633615 as an interim bankruptcy 

trustee is temporarily exempt, based on a decision by the Ministry of Justice, from election of 

trustees for the A list of trustees for the area of the Commercial Court in Osijek. 

In Osijek, 21 March 2019 

Clerk: BANKRUPTCY JUDGE 

Danijela Sekulić Nada Roso 

NOTICE ON RIGHT TO REMEDY: 

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Reference number: 6 St-1788/18-13 

Against this Decision, the discontent party can file an appeal to the High Commercial Court of the 

Republic of Croatia in Zagreb, within 8 days, in 3 copies via this court. 

Delivery to: 

1. bankruptcy trustee Jelena Kordić, Višnjevac, E.Kvaternika 44 A

2. for the debtor proxy Ivan Matic Attorney from Zagreb, Slavenskog 1

3. County State Attorney’s Office Osijek

4. Court Registry-here

5. Electronic bulletin board

6. R-3.7

No. of Record: 1787c-a6d39

Control Number: 0bd11-4ffa7-9d740

This document is in digital format electronically signed with the following certificate: CN=NADA 

ROSO, L=OSIJEK, O= TRADE COURT IN OSIJEK, C=HR 

The credibility of this the document can be verified at the following web address: 

https://usluge.pravosudje.hr/provjera-vjerodostojnosti-dokumenta/ by entering the above record 

number and control number of the document. Authentication can also be done by scanning the QR 

code. In both cases, the system will display the original of this document. 

If this document is identical to the master copy in digital form, the Commercial Court in Osijek 

confirms the authenticity of the document. 

Case 20-13300-LMI Doc 1 Filed 03/11/20 Page 10 of 13
PERSONS AND ENTITIES ENTITLED TO NOTICE

1. All persons or bodies authorized to administer for proceedings of the debtor

Jelena Kordic, Bankruptcy Trustee

Visnjevac

Eikvaternika 44 A

Croatia

2. All parties to litigation pending in the United States

in which the debtor is a party at the time of filing of this petition

Worldwide Entertainment Group, Inc.

201 S. Biscayne Blvd., Suite 800

Miami, FL 33131

Worldwide Entertainment Group, Inc.

c/o Peter F. Valori, Esq.

Damian & Valori, LLP

1000 Brickell Avenue, Suite 1020

Miami, Florida 33131

Kozyak Tropin Throckmorton LLP

David L. Rosendorf, Esq.

2525 Ponce de Leon Blvd, 9th Floor

Miami, FL 33134

Rubinstein Law

Yano Rubinstein, Esq.

660 4th Street, No. 302

San Francisco, CA 94107

Nikola Busljeta

Vijenac 5B/4

Tuskanac 10000

Zagreb

Croatia

U.S. Specialty Insurance Company

801 S. Figueroa Street, Suite 700

Los Angeles, CA 90017

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3. All entities against whom provisional relief is being sought

under section 1519 of the Bankruptcy Code

Worldwide Entertainment Group, Inc.

201 S. Biscayne Blvd., Suite 800

Miami, FL 33131

Damian & Valori, LLP

Attorneys for Worldwide Entertainment Group, Inc.

c/o Peter F. Valori, Esq.

1000 Brickell Avenue, Suite 1020

Miami, Florida 33131

Case 20-13300-LMI Doc 1 Filed 03/11/20 Page 12 of 13
CORPORATION OWNERSHIP STATEMENT

There are no entities to report under Rule 7007.1, Fed. R. Bankr. P., which

requires disclosure of any corporation that directly or indirectly owns 10% or more

of any class of the corporation’s equity interests.

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