"Verano Motors" in receivership due to EUR 5m debt – Account blocked 1,096 days

Verano Motors is in receivership since a procedure was opened over a EUR 5m debt at the request of Factor Bank of Slovenia. The Ljubljana bank argues that the company's account has been blocked for 1,096 days while the debtor has been madly trying to prove that its assets are worth far more.

The receivership has been launched in one of four Verano companies for export and import, while the other three are working normally. Import of the Russian GAZ vehicle brand takes place through another company, Verano Motologistik, which is the authorised importer and dealer for Serbia, Montenegro, Macedonia and Bosnia and Herzegovina.

Verano is known to drivers as the long-standing representative and importer of Peugeot. This brand has since 2014 entered Serbia via another company, Euroimpex Autogroup. Verano Motologistik holds a position of dealer and service agent.

Factor Bank presented the Belgrade commercial court an appendix to a stand-by credit contract for payment of a debt from as far back as 2012. Verano on the other hand has tried to satisfy the judge that its assets total EUR 137.7m, far exceeding its liabilities.

Beside this, Verano claimed that its accounts are only temporarily blocked due to a dispute with the tax administration over the size of tax arrears. Verano has in the meantime come to an agreement with the tax administration and has assured its creditors that the blockade will soon be lifted. The Slovenian bank, however, has not relinquished its claim.

Receivership was announced on 19 October. The first creditor's hearing to discuss a report on the economic and financial status of the debtor is scheduled for 27 November. An investigative hearing is expected on 25 April.

Factor Bank's claim was secured with a first-line mortgage on real estate assets of the companies Župa AD of Kruševac and KSI 2001. Verano claims the value of the real estate amounts to almost EUR 13m, far exceeding the claim of some EUR 5m. The Slovenian bank, on the other hand, claims that the total value of the two properties lies around RSD 460m.

Translation provided by: www.halifax-translation.com