A blow for Agrokor’s boss as the court states in its ruling that it considers that the temporary creditor council to have legal power to make the decision explained below.
Just when the agonising Agrokor saga appears to be entering some form of mildly conclusive territory, another spanner is thrown into the works.
As Poslovni Dnevnik/Jadranka Dozan writes on the 3rd of May, 2018, Extraordinary Commissioner for Agrokor Fabris Peruško cannot engage a newly appointed group of foreign and domestic advisers who would provide their services to the creditor’s council at the expense of the Agrokor Group.
In yesterday’s ruling, Zagreb Commercial Court concluded their decision upon the abolition of the provisional council’s decision from the 13th of April this year, suggesting that, in addition to the already existing advisers to the company’s extraordinary commissioner, Peruško should also engage additional financial and legal advisers at the expense of regular business within the extraordinary administration procedure, had the decision gone unchallenged, the services of the would-be newly appointed foreign and domestic advisers would have been directed towards the members of the creditor’s council.
Regarding the issue of new advisers submitted to the court, they sent Agram Invest and Franck, arguing that the above decision was contrary to the previous referral of the court, and that the payment of these advisers would have directly led to financial reduction which would otherwise not have been sufficient to settle the creditor’s claims, which would naturally have had an incredibly adverse impact on the settlement to the creditors.
The court has stated in its ruling that it considers that the temporary creditor’s council to have not been in possession of the legal power to make or implement the aforementioned decision. With that said, the fact that issues surrounding the settlement process itself would further complicate on legal grounds for Agrokor, is far from unexpected.
The ver first court decision was already on the receiving end of numerous appeals and pleas, and as Lex Agrokor’s prolonged validity expires in just over seventy days, the 10th of July, 2018, while once viewed as more than ample, seems to becoming a tighter and tighter deadline.