Technique: The Proposal to Initiate Bankruptcy Proceedings is Unfounded

The Commercial Court in Zagreb has initiated preliminary proceedings to determine the conditions for opening bankruptcy proceedings against the Zagreb construction company Technique, according to a proposal for opening bankruptcy proceedings submitted by Zagorje Tehnobeton, Technique reported on Tuesday.

Technique claims in its announcement that the proposal to initiate bankruptcy proceedings is unfounded and that it is “confident that during the proceedings it will be proven that there are no legal grounds for conducting the proceedings and that the proposal will be rejected as unfounded.”

>>>Technique: The Proposal by Zagorje Tehnobeton to Initiate Bankruptcy is Unfounded

Zagorje Tehnobeton states in its proposal that it has a claim against Technique in the amount of 33.4 million kuna, increased by statutory default interest. It also emphasizes that there is a bankruptcy reason of over-indebtedness at Technique, as its assets are less than its existing liabilities.

Technique, on the other hand, had already assessed earlier, in mid-February, that the proposal to initiate bankruptcy proceedings against it, submitted by Zagorje Tehnobeton, is unfounded. At that time, it pointed out that Zagorje Tehnobeton is not a creditor of Technique, as it does not have any legally established claims against that company.

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Technique reported a loss of 141.8 million kuna in 2017, compared to a net profit of 926 million kuna achieved the previous year, and the negative business result was particularly affected by the write-off of receivables from companies within the Agrokor group.