Fina Proposes Brodosplit Bankruptcy Owing to 23.8 Million Euro Debt

Lauren Simmonds

Updated on:

Ivo Cagalj/PIXSELL
Ivo Cagalj/PIXSELL

As Poslovni Dnevnik writes, the Financial Agency (FINA) has officially submitted a proposal to the Commercial Court in Split to open Brodosplit bankruptcy proceedings, stating that the company has unpaid bases for payment of a massive 23.8 million euros.

According to FINA’s information, as of March the 9th, 2023, the debtor has had unexecuted payment bases for a continuous period of 120 days, in the total amount of 23,828,527.04 euros, recorded in the Register of the Order of Payment Basis.

When we look at the data on the number of Brodosplit employees submitted to the Financial Agency by the Croatian Institute for Pension Insurance, the debtor has 99 employees. This could be seen in FINA’s proposal which was published last week on the e-bulletin of the courts. FIBA as such submitted a new proposal to launch Brodosplit bankruptcy proceedings, and this proposal arrived at the Split Commercial Court on March the 10th. It was also published on the eOglasna panel. A hearing has been announced for March the 24th to comment on the proposal to open bankruptcy proceedings against the Split shipyard.

This followed after the High Commercial Court (VTS) rejected the appeal of the owner of Brodosplit, Tomislav Debeljak, against the decision of the Split Court to initiate a new pre-bankruptcy procedure. VTS granted the right to judge Ivan Culic to continue ex officio proceedings after the suspension of the pre-bankruptcy settlement proceedings as if a proposal to open Brodosplit bankruptcy had been submitted.

VTS believes that bankruptcy can only be prevented now with the offer of evidence of liquidity and the full payment of Brodosplit’s obligations to its creditors. At the Commercial Court in Split, these cases are classified by automatic allocation, and as such, this new proposal was assigned to Judge Ana Golub Gruic.

Given that a hearing for Brodosplit is scheduled for March the 24th, 2023, at the Commercial Court, it is most likely that the new proposal for Brodosplit bankruptcy proceedings that has just arrived will be added to the existing one overseen by Judge Ivan Culic, given that it isn’t possible to decide on two proposals.

For more, check out our business section.


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