Pre-bankruptcy of Div Group: About 400 Creditor Claims on 15,000 Pages

The pre-bankruptcy commissioner Div Group, the parent company of entrepreneur Tomislav Debeljak, has submitted a report stating that more than 400 creditor claims have been received so far, amounting to over 15,000 pages, which have not all yet been submitted to the court.

The report by Commissioner Irena Kelava emphasizes that since the initiation of the pre-bankruptcy process at the end of April, Div Group has continued regular operations and has 786 employees with average monthly revenues of 30 million kuna.

It is also noted that since the opening of the pre-bankruptcy process, Div Group has new unpaid obligations of 5.64 million kuna and reminds that the hearing for the examination of claims is scheduled for August 31.

The Commercial Court in Zagreb received a proposal for the opening of the pre-bankruptcy of Div Group at the end of April, citing recorded unfulfilled payment bases of 41.69 million kuna as the reason.

The proposal for the opening of the pre-bankruptcy procedure was submitted by the debtor itself through an authorized law office, and the submitted documentation particularly highlights that Div Group is the parent company of a group that employs a total of 4,000 workers, of which 862 workers are directly employed by Debeljak’s parent company.

– In this sense, the debtor is currently the largest employer in the city of Knin, employing 15 percent of the total working-age population of the city. In addition, the debtor owns the largest standard screw factory in Europe, which markets its products to the demanding European market, especially the EU market, as well as to the markets of North Africa, the Middle East, and America –  it was stated in the proposal.

Div Group, in addition to being specialized in the design, production, and trade of screw goods and other machine parts and metal products, directly influences the performance of specific activities through affiliated companies of the group, including shipbuilding, which undoubtedly represents a strategically important industry for Croatia, as highlighted in the submission.