Creditors of the failed Horvatinčić company demand 66 million, available – 142,470 kuna

The Commercial Court in Zagreb has scheduled a final creditors’ hearing for August 28 for Dorf d.o.o, the failed real estate company of entrepreneur Tomislav Horvatinčić, at which creditors claiming more than 66 million kuna should discuss the final distribution list and the payment of the available amount of only 142,470 kuna.

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As highlighted in the documents of the bankruptcy administrator, the percentage of settlement for the bankruptcy creditors of this failed company is only 0.21 percent, and within that percentage, the state, as the second largest creditor, which claims 6.58 million kuna from Dorf, should also be settled, and it could be compensated upon final collection and payment based on the right of separation with only 14,478 kuna.

The largest of the twenty or so creditors of Horvatinčić’s company was his parent Hoto Group, which assigned its claim of 49.3 million kuna to a Zagreb entrepreneur.

The scheduling of the final hearing followed the sale of about thirty plots of the failed company in the vicinity of Hoto villas in Strmec near Samobor, as well as a court decision in April this year, which partially settles secured creditors, the bankruptcy administrator, and covers the costs of the bankruptcy procedure of almost 1.3 million kuna from the sale of those properties.

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The final creditors’ hearing will take place after 15 public auctions for property and land held in recent years. In previous auctions for the real estate of Dorf d.o.o, which are recorded in the land registry as several dozen plots ranging from two to 2400 square meters, the City of Sveta Nedelja showed the greatest interest, to which about thirty plots (land) worth a total of 10.4 million kuna were awarded in May last year. However, since the city did not pay the purchase price within the legal deadline, it only took over part of the properties worth slightly more than 480,000 kuna, and later the Sveta Nedelja authorities showed interest in two more properties worth slightly less than 700,000 kuna.

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In the process of settling creditors, several public auctions were held for office furniture, valuable IT equipment, and tools of the failed company – including hammers, screwdrivers, drills, grinders, and sets of pliers with a total initial estimated value of almost 38,000 kuna. These movable properties were sold only after the ninth public collection of offers for the offered 3,120 kuna plus VAT. As noted in the bankruptcy administrator’s report, at that time there was only 123,475 kuna in the account of Horvatinčić’s company.

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The company Dorf d.o.o was founded in 2004 with a share capital slightly over eight million kuna, and Tomislav Horvatinčić was registered as the sole founder. The company ran into problems a few years later, and in mid-2015, a bankruptcy administrator was appointed by court decision.