The Varna Court of Appeal will proceed with the insolvency case for Bulgaria“s Belopal glass maker on 26 February 2002. In mid-January 2002 the magistrates heard the parties to the case and adopted t…
The Varna Court of Appeal will proceed with the insolvency case for Bulgaria“s Belopal glass maker on 26 February 2002. In mid-January 2002 the magistrates heard the parties to the case and adopted the company“s financial report dating from 31 December 2000. Previously the Varna Regional Court had rejected the claim filed by Bulgarian gas monopoly Bulgargas and the Agency on State Receivables asking that the glass producer be declared bankrupt. The plant“s debts rise by BGL 150,000 (US$ 67,021/EUR 77,026) a month. So far the company has piled up BGL 2.0 million of debts to the National Social Security Institute. The rest of its debts have been accumulated from unpaid gas supplies from Bulgargas.