Source: https://bulgariandeals.com/viewtopic.php?t=14077&p=8919
Timestamp: 2019-04-26 17:04:07+00:00

Document:
Insolvency procedure against Aheloy Residence Ltd.
The former Tremex Ltd, now registered under the name of Aheloy Residence Ltd.- developer of Aheloy Residence complex, is announced insolvent. The decision of the court is dated 28.01.2015 and announced officially at the local Commerce Registry on 29.01.2015. Now all creditors of the company /people who paid money to the company and received nothing/ have a short 1 month time per art.685 of the Commerce registry to register their insolvency claims in court. The period ends on 29.02.2015 and can be eventually extended with two more months.
The court also announced the first meeting of creditors on 06.03.2015. Only people with registered claims can participate in this meeting and vote.
1/ Since June 2015 numerous appeals by creditors were submitted before the court. Some of the creditors were not happy with being excluded from the list of creditors with accepted claims, when some of the creditors were just appealing against the acceptance of other people's claims. The creditors who were not happy with being excluded from the list of creditors with accepted claims are Drumgown Construction Ireland /their stated claim is of nearly 800k leva/, Olstas Lyon International Marshal Islands /with claim of 15 mln. leva/ and Noel Donovan /with claim of nearly 300 000 leva/. All their appeals were turned down and their claims are not accepted at this moment by the insolvency judge.
2/ On 06.10.2015 the court announced a new decision with number 107. Following this decision the assets of Aheloy Residence are put under total restrictions and the company's managers and owners are dismissed from the control of the company. The court orders evaluations of assets to start immediately. This decision can be appealed in 7 days time before the higher Sofia Appelate Court.
All people, who are wondering what to do and whether to participate in this procedure at all, are welcome to contact us for more information and advice.
Re: Insolvency procedure against Aheloy Residence Ltd.
Following the last night's post about the insolvency of the company we received some questions at our e-mail account support@bulgariandeals.com, where you are presenting us information about a letter, sent by former manager of the company. Most of you should have also received such letters. In these letters this person /with initials N.D./ is informing buyers about the started insolvency procedure, but not only- he is offering investors to participate in the procedure by using the services of a local law company. This same local law company was connected closely with the developer Tremex /Aheloy Residence Ltd/ in the past, so we can conclude that this is just one last attempt to get more money from people. Using/Offering the services of a company, which was already used by the developer, represents a clear conflict of interests. By choosing the law company, whose name is stated in the letter of N.D, you put your financial interests in great risk as it is not clear how these people will be able to represent you, when they have represented the developer up to this current moment.
A meeting of creditors was held on 06.03.2015. Creditors who have registered their claims up to this current moment elected a trusted assignee. The previous assignee was replaced by a new one, named Boris Borisov. His salary is determined to be 1200 leva and he will enter in his new role by 17.03.2015.
The second registration period is still opened and creditors with claims against Tremex Ltd/Aheloy Residence still have time to register their claims. The final deadline is 29.04.2015.
The trusted assignee of Aheloy Residence Ltd. published at the local Commerce registry list of accepted and rejected claims, submitted within the registration period per art.685 of the Commerce Act. The list of the accepted claims is consisting of 9 pages /totally 35 creditors/, while the list of rejected claims is consisting of 5 pages /totally 28 creditors/. Those creditors with rejected claims can now appeal before the insolvency judge and if their appeals are turned down, they can submit claims per art.694 of the Commerce Act.
The registration period per art.688 of the Commerce Act expires next week.
We apologize if some of the names are spelled incorrectly, but the list is all in bulgarian language. In all of the above cases part of the claims were accepts by the assignee, but part of the claimed sums were rejected and not included in the list of accepted claims.
All people with rejected claims have 7 days period to submit appeals before the insolvency judge and if the judge excludes their claims in the final list of creditors, the rejected claimers can submit claims per art.694 of the Commerce Act. If someone needs assistance on this, please do not hesitate to contact us.
The court announced a determination, requesting from all creditors with accepted claims the payment in advance of the sum of 15 000 leva- insolvency expenses, which will go to cover the salary of the assignee and other administrative works. If the sum is not paid in a week time, the procedure will be stopped, but this can't last for more than one year. If the procedure is now stopped and payment is not made within a year time, the process will be terminated.
The final lists of creditors per art. 688 of the Commerce Act were also announced at the local Commerce Registry. The list of accepted claims per art.688 includes the names of around 15 physical persons, while the list of rejected claims- around 10 names, but it is important to note that two huge claims /one for 7 200 000 Euros and one for several hundred thousands Euros/ are rejected. Most probably appeal procedures will follow and claims per art.694 of the Commerce Act will be submitted.
Sofia Regional Court announced two determinations, connected with the list of accepted and rejected claims, which were initially prepared by the trusted assignee. There were numerous appeals against the decision of the assignee to put some claims in the list of rejected claims. More of these appeals were left without approval and the position of the assignee was confirmed by the court. The court approved with an act as per art. 692 the list of accepted claims and now people can submit /if they are not happy with the act of the court/ claims per art.694.
Connected with Aheloy Residence Complex, can you update - Ho is up to now - 21.02.2016 the last owner of the project (land and buildings)?
We do not have information about the complex being purchased as the insolvency procedure is still not completed, which means no sale is actually performed. The assets of the previous developer should be first evaluated and then taken to auction, which is going to happen in next months.

References: art.685
 art.685
 art.694
 art.688
 art.694
 art. 688
 art.688
 art.694
 art. 692
 art.694