Bankruptcy proceedings re-initiated in Jugoalat – Creditors to file for receivables by November 22

The Commercial Court of Novi Sad has re-initiated bankruptcy proceedings in Jugoalat and invited creditors to file for their receivables by November 22.

The creditors' meeting should be held at the Commercial Court on the same date. The court has also scheduled the examination hearing for January 30, 2018.

The first assignment in bankruptcy was filed back in 2010. In the meantime, there have been several more attempts, and the Pre-packaged Reorganization Plan was favored each time, but never carried out.

Through the re-initiation of bankruptcy proceedings, the bankruptcy trustees are now asking for the salaries for running the previous ones, that is, for monitoring the PPRP, and the issue of the workers' unpaid salaries, for which final judgments have been reached, is to follow. The bankruptcy trustee Jadranka Gulan is asking for over EUR 21,000 in dinar counter-value, whereas Ninoslav Simic requires around RSD 2.1 million.

Following the first attempt to start bankruptcy proceedings in the Novi Sad-based tool factory, bankruptcy was declared and the sale of the property scheduled in 2012, but the then Constitutional Court upheld the complaint filed by the owner of Jugoalat, Spasoje Jakovljevic and annulled the decisions of the Commercial Court of Novi Sad and the Commercial Appellate Court of Belgrade, arguing that Jakovljevic had not been given the right to a fair trial.

Jakovljevic is once again offering a PPRP, disputing the debts, deeming them overblown, and claiming that there are businessmen eyeing the factory's property, which was estimated at EUR 4.3 million at the time. In his statement for Dnevnik, he claims, as he did back then, that the property is worth much more, EUR 18 million, as the factory owns 25,000 square meters of land, 18,000 m2 in the halls, machinery and supply stocks.

The creditors are now claiming that most of the machines and the tools have been sold. Due to debts of several million dinars, Jugoalat has had the power cut off in its facilities, disabling the production.

JUGOALAT - JAL a.d. Novi Sad

Privredni apelacioni sud

Pre Packaged Reorganization Plan for Jugoalat

PPRP Jugoalat

Jadranka Gulan

Ninoslav Simic

Spasoje Jakovljevic

bankruptcy proceedings in Jugoalat

bankruptcy proceedings

cutting tools

special tools