site.btaCorpbank Trustees in Bankruptcy Publish List of Non-paying Debtors

Corpbank Trustees in Bankruptcy Publish List of Non-paying Debtors

Sofia, February 16 (BTA) - The trustees in bankruptcy of the failed Corporate Commercial Bank (Corpbank) on Thursday published a full list of debtors who fail to service their loans.

Despite legal action taken by Corpbank, a large part of debtors fail to pay their obligations resorting to methods and means. This affects seriously the recovered amounts into the bankruptcy estate which will be distributed between the bank's creditors.

Defaulting debtors are listed based on the size of their unpaid obligations without looking for any links between them. A large part are shell companies which have no assets and no operation but were used for the transportation of money probably under the control of Corpbank majority owner Tsvetan Vassilev.

The list does not include debtors who set off their obligations during the conservatorship. The bank has legally challenged many of the set off transactions and in some cases a first instance court has ruled in favour of the bank. In others proceedings are ongoing.

The largest debtors are TC-IME AD (181 million leva), Glass Industry AD (177 million leva), Partner Leasing AD (141 million leva), Alfa Capital (141 million leva), Rodina Properties (133 million leva) Naftex Petrol (130 million leva).

The two largest debtors among physical persons are Gair Agopian (1.13 million leva) and Diana Kasmetska (930,000 leva).