The bankruptcy administrator of Geofot emphasized that they cannot access three aircraft that constitute the bankruptcy estate

The bankruptcy administrator of Geofot, a company for photogrammetric work owned by entrepreneur Zvonko Biljecki, which is in bankruptcy due to a debt of 38.8 million kuna, submitted a report stating that the bankruptcy estate of this debtor consists of three aircraft that cannot be sold 'because it is not possible to take possession of them'.

The report states that the main part of the assets of this failed company consists of the Cessna 551 Citation II and two Piper PA 31 T1 aircraft of multi-million kuna value, which are duly registered in the Main Book of the Croatian Civil Aircraft Register with the state nationality mark and registration numbers. However, the bankruptcy administrator notes that there has been no progress in their sale, in order to satisfy creditors, for almost four years, meaning that these aircraft cannot be taken over.

However, as highlighted in the 2018 report, the two Piper aircraft with exceptionally valuable digital equipment (cameras and navigation systems) were then in Saudi Arabia in flying condition, but at that time it was necessary to pay a storage fee of around 200,000 dollars for them.

– Regarding the takeover of the aircraft by potential buyers, it should be noted that it is questionable because there are unfinished business matters from the bankrupt debtor, which is why they are in Saudi Arabia. This is, according to business practice in Saudi Arabia, unacceptable and the valuation of the aircraft themselves is currently not possible – they stated in the report at that time.

In previous correspondence from the bankruptcy administrator, it was also mentioned that only the fuselage remained from the Cessna owned by Geofot as the engine was removed, and the repair was assessed as unprofitable.

– It is proposed to sell the aircraft as scrap by the kilogram, with the valuation to be carried out on-site by interested bidders. The bankruptcy administrator would collect several offers for its removal. According to the bankruptcy administrator’s knowledge, a storage fee must also be paid in an unspecified amount – it was stated in the 2018 correspondence.

Additionally, it was noted at that time that all aircraft have preferential rights of B2 Kapital, the Republic of Croatia, and Bantel Travel.

The liquidation of Geofot’s assets followed after bankruptcy was opened against the company in June 2018, with outstanding obligations amounting to as much as 38.8 million kuna, which is 22 million kuna more than the share capital.

After that, a record of the opening of bankruptcy proceedings was made regarding the assets related to the company’s real estate in Buzin, Zagreb – a house, yard, and arable land, on the three mentioned aircraft, but also several cars, among which the once prestigious Jaguar XJ8 stands out, which was subsequently sold for only 19,420 kuna, including VAT.

The owner of Geofot, Zvonko Biljecki, is listed in the court register as a director, procurator, member, or president of the management board of as many as nine companies, among which the most well-known received multi-million contracts from the state. Biljecki was, as reported in the media, also known as a person close to former Prime Minister Ivo Sanader, whom he engaged as an advisor and allegedly paid tens of thousands of kuna monthly for his consulting services.