Higher Court of Commerce revoked decision about bankruptcy of Čačak-based company "Pks-Latex Hlc"

Higher Court of Commerce in Belgrade has revoked decision of the Čačak court about declaration of bankruptcy in a private Čačak-based company "Pks-Latex-Hlc" and ordered re-examining of the plans for reorganization of that company.

The spokesperson of the Court of Commerce in Čačak, Biljana Đoković, said yesterday (March 27, 2008) that that court rejected the creditors' plan in mid-January 2008, as well as the reorganization plan of the company's owner. According to her words, the judge decided on that occasion that the bankruptcy proceedings in "Pks-Latex-Hlc", which started earlier, should be turned into bankruptcy and lead to the sale of property.

Đoković added that the Court of Commerce in Čačak, having heard the decision of the Belgrade Court, would set a date for the new court session and reconsider draft plans for reorganization of the company.

Bankruptcy Manager in "Pks-Latex-Hlc", Petar Vulović, said that the bankruptcy had been introduced in that company at the end of October 2006. Bankruptcy proceedings came as the result of the initiative of Belgrade-based company "Univerzal", which claims 121,700 EUR from "Pks-Latex-Hlc", and company "Azotara" from Pančevo, to which Čačak-based company owed 18.2m RSD. Vulović added that all workers had been dismissed during the bankrutpcy proceedings. There are only three technical persons, as well as three accountants.