The Commercial Court in Zagreb has issued a conclusion determining the value of the real estate TOZ Penkala in bankruptcy, the famous Pencil Factory Zagreb, at 81.9 million kuna, and that it will be sold at an electronic public auction on the principle of ‘as seen – bought’.
‘On the block’ is the facility – a factory built on nearly 40,000 square meters of land in Poljačka Street in Zagreb, four commercial buildings, and one economic building, as well as accompanying facilities and yards.
The court’s conclusion also stipulates that at the first public auction, the real estate cannot be sold for less than three-quarters of the determined value, i.e., for less than 61.4 million kuna. At the next auction, it cannot be sold for less than half of the value, at the third auction the lowest price cannot be below a quarter of the determined value, and finally, at a potential fourth auction, the real estate will be sold at a starting price of only one kuna.
The properties are sold as a whole, are not free from persons and things, and the seller is not obliged to dispose of industrial or other waste, the conclusion states.
A lien and subordinate right have been registered on the mentioned properties, and a dispute record has also been entered.
The electronic public auction will be conducted by the Financial Agency.
TOZ Penkala was founded in Zagreb in 1937. Initially, it was a small workshop for the production of pencils and pastels, later growing into a large factory for the production of school and office supplies.
Zagreb, thanks to the work of engineer and inventor Slavoljub Penkala, after whom the TOZ factory added its name, was once the center of pencil production. Penkala began producing the world’s first mechanical pencil in 1906, and the following year the first fountain pen.
The bankruptcy of TOZ Penkala was opened in July 2015.
