The Revenue and Customs Administration (UPIC) submitted a proposal to the Commercial Court to initiate bankruptcy against the bankrupt debtor "Vektra Boka", "Vijesti" learns.
UPIC, as a creditor, submitted a proposal based on Article 177 of the Bankruptcy Law, which allows creditors to request the introduction of classic bankruptcy through bankruptcy if the bankrupt debtor does not act according to the plan or acts contrary to the reorganization plan, which has the force of a court decision. The Commercial Court should decide on this request in the next few days.
Due and unpaid liabilities to the Revenue Administration, as defined by the Reorganization Plan, amount to 1,028 million euros.
Current and former employees would benefit from the transition of "Vektra Boka" to classic bankruptcy, because all their claims would be in the first payment line and they would have priority in collection, because now some of their claims are only in the third payment line. The Revenue Administration would also benefit because it would be able to collect its claims faster.
Brković admitted that he was violating the payment plan
That "Vektra Boka" is not acting according to the reorganization plan two days ago at the session of the Commission for Privatization Control, its majority owner Dragan Brković, as well as acting executive director Milić Popović, admitted that they have accrued and unpaid obligations to the Revenue Administration. and workers.
"Vektra Boka" has been in bankruptcy through reorganization since September 2016. This form of bankruptcy means that the bankrupt debtor is given the opportunity to pay his obligations through a court-determined payment plan to debtors within precisely defined deadlines. In this case, the plan stipulates that the company can sell a part of its assets in order to periodically and gradually pay off the obligations to the workers and debts for taxes and contributions. "Vektra Boka" requested an extension of repayment of its obligations, but the court recently rejected that request.
He lent the money from the sale to himself
Despite the sale of property worth around ten million euros, "Vektra Boka" did not pay the obligations to the workers in the amount of around 250 thousand euros, as well as for taxes and contributions in the amount of slightly more than one million euros, in the stipulated time. "Vektra Boka" lent part of the money from the sale of assets to other companies owned by Brković or members of his family.
"Vijesti" has learned that the Revenue Administration, whose acting director is Aleksandar Damjanović, stated in a letter to the Commercial Court that the bankruptcy debtor is not acting according to the adopted reorganization plan, which significantly jeopardizes the implementation of the reorganization plan, and that the interests of the class in which the Administration is significantly threatened of income as a creditor, and obligations to this creditor that are due according to the established reorganization plan are not fulfilled.
MPs Zdenka Popović and Marko Milačić stated at the Commission session two days ago several cases of property sales for one million and three million euros, and that "Vektra Boka" on the same day lent that money to companies owned by Brković, instead of paying its obligations.
Brković and Milić said that until a year ago, they regularly paid their obligations according to the established plan, that they owed the workers only one installment, and that half of the obligation to the Revenue Administration refers to the disputed part of the money, i.e. the tax debt from before privatization, for which there is a conclusion from the Government on assuming those obligations. Brković also swore on his honor that he would pay the workers all their obligations.
He hides money from creditors in other accounts
Milić stated that they transferred the money from the sale of property to their other companies as loans in order to save it because there was a constant threat of lawsuits and blocking of "Vektra Boki" accounts. This company's account has been blocked continuously for 570 days or a year and a half, and the creditors are trying to collect a debt of a total of three million euros by blocking the account. Transferring the company's income to the accounts of other companies prevents creditors from legally collecting their claims. According to data from the latest financial reports, "Vektra Boka" lent at least 4,5 million euros to other Brković companies.
According to data from the end of January, "Vektra Boka" owes two million euros for taxes and contributions, as well as another 1,2 million euros for other obligations.
The representatives of the workers at the Commission session announced that the company owes them over half a million euros in unpaid wages, as well as that they have an unrelated length of service of five and some even 15 years, that is, that for all workers there is no related length of service for a total of 800 years. Due to this situation, many workers have not been able to retire for years, while some have received so-called temporary pensions and living allowances with incomes of 140 euros.
The prosecution is still investigating
The 2007 privatization agreement of the former HTP Bok, by which "Vektra Montenegro" bought 59 percent of state shares for 22 million euros, with an obligation to invest at least 50 million euros, prohibits the sale of assets until all obligations from the purchase agreement are fulfilled. The court's decision on bankruptcy through reorganization became more important than the contract, so it enabled the sale of assets. The only way Brković could resell the property he bought was bankruptcy through reprogramming, and that's exactly what happened. At the session, the workers also stated that the properties next to the beaches as well as the beaches themselves were sold at prices several times lower than the actual value, demanding that the prosecution examine everything.
Brković said at the session that the Government deceived him in 2007 because the tender documentation did not contain information about multimillion-dollar losses and court cases that were subsequently discovered.
Earlier, the prosecutor's office announced that they launched an investigation into this privatization due to suspicions that the state was damaged by 50 million euros. Brković did not buy the company with his own money, nor did he subsequently invest his own money, but bought the company with money from a loan of 27 million euros, which he did not pay back, which is why the bank NLB Zurich took over the company "Vektra Montenegro" from him in January.
The situation is complicated, and the owner of the owner went bankrupt
The situation with the collection of receivables from "Vektra Boka" is complicated by the fact that its majority owner, "Vektra Montenegro", went into bankruptcy through bankruptcy, as well as the fact that several of its properties are under the burden of restitution, which can make it difficult to find buyers or lower prices.
The workers were afraid that the property of "Vektra Boka" could become the bankruptcy estate of "Vektra Montenegro".
In addition, it is not known how many priority creditors there could be in both bankruptcy proceedings, who would also have the right of priority in collection together with the workers. It is also disputed who is the owner of "Vektra Montenegro". It is written in the Central Register that now the sole owner is the NLB bank from Zurich, based on the executor's decision on debt collection from Brković's company. This bank in Zurich is also in liquidation, so its liquidation administration is demanding money from Brković.
After the meeting, Milić Popović told the Commission that they had submitted a complaint to the Administrative Court regarding this entry in the register and that he expected Brković to be re-entered as the owner.
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