COBALT successfully represented Luminor Bank in the termination of the reorganization proceedings of Uvic

COBALT successfully represented Luminor Bank on requesting the termination of the reorganization proceedings of the dumpling producer Uvic. The reorganization was intended to postpone the payment of the bank’s claim of more than 9 million euros for 10 years. Due to numerous abuses by Uvic, the court terminated the reorganization proceedings that began back in 2017, also refused to initiate new reorganization proceedings and on 18^th of June 2020, at the request of Luminor Bank, declared Uvic bankrupt.

This is an unfortunate example of the company’s misuse of the reorganization procedure – the court found that instead of actual reorganization, company assets were redirected from the company without the knowledge of the creditors.

The client is advised in the process by Senior Associate Kristina Schotter.