Estonia: new auction of bankrupt glassware maker“s estate

The bankruptcy committee of the Estonian glassware maker AS Skankristall has declared the first auction of the bankrupt company“s estate null and void and will announce a new sell-off.
In the words …

The bankruptcy committee of the Estonian glassware maker AS Skankristall has declared the first auction of the bankrupt company“s estate null and void and will announce a new sell-off. In the words of the bankruptcy trustee, Peep Lillemae, various legal problems emerged in selecting the winner of the first auction and the committee decided to declare the auction as void. A new auction will be announced next week at the unchanged reserve price of EEK 10 million kroons (EUR 0.64 million). The Tallinn City Court declared Skankristall bankrupt on 25 June 2002. Acording to the balance sheet the firm has EEK 17.5 million assets and EEK 25.5 million liabilities. The assets put up for auction include building rights for a property in Tallinn, equipment from the glass plant, ready and semi-finished stock, and the Lorup and Scancrystal brands. The bankruptcy petition was filed by the owners after the company“s bank accounts were frozen at the request of the tax authorities and it became impossible to continue exporting. Skankristall was created in 1994 by the privitization of part of the state company RAS Tarbeklaas by the Melorest AB company, owned by Swedish investors.