[NB]: Please read Mike’s comment below for more accurate information.

Since the developer of Balchik Golf Heights was forced to insolvency procedure, the developer continues to struggle. It turns out that even the sole owner of the capital of Varna Estates Ltd. – KMB Best of Bulgaria Properties and Services Ltd. (company No 131280900) – has also entered bankruptcy procedure. This makes collection of any creditor’s money difficult since the court fees for the bankruptcy administrator for both companies has to be paid by its creditors. Both procedures have been stalled because neither the insolvent companies, nor the creditors are able to pay the court and administrator fees. The proceedings will be stalled for 1 year. If they  are not renewed accordingly, the companies will be dissolved automatically by the court and nobody will get refund. Unfortunately this is just the beginning of mass bankruptcy wave of property developers that will follow.

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  • Mike Bianchi 22 January 2012 Reply

    On 1st November 2011 you state “Since the developer of Balchik Golf Heights was forced to insolvency procedure, the developer continues to struggle. It turns out that even the sole owner of the capital of Varna Estates Ltd. – KMB Best of Bulgaria Properties and Services Ltd. (company No 131280900) – has also entered bankruptcy procedure. This makes collection of any creditor’s money difficult since the court fees for the bankruptcy administrator for both companies has to be paid by its creditors. Both procedures have been stalled because neither the insolvent companies, nor the creditors are able to pay the court and administrator fees.”
    This is not correct. We act for the majority of the creditors of KMB Best of Bulgaria Properties and Services Ltd. All fees were paid and the Trustee in Bankruptcy took control of the company’s operations in August 2011. We are active in resolving the position of all companies in the group and no related proceedings have stalled. Please make the appropriate corrections.

  • Milen Hristov 22 January 2012 Reply

    Dear Mike,

    my post dated 1 Nov 2011 was based solely on the facts available to public in the company file of the debtor. Whether there are further proceedings which are not announced to the public register, only the administrator and the creditors can tell. I’m also representing a creditor so when the administrator allows me to join the proceedings I’ll be able to give more accurate information. I appreciate your information and I will refer to your comment from the post.

  • Ashok Thakrar 12 November 2012 Reply

    Hi Mike
    Please confirm that Ashok Thakrar and Amit Kotecha are members of the proceedings to recover investments in Balchik Heights and White Water Borovets.
    Thanks and Kind Regards
    Ashok Thakrar
    0044 7983530862
    ashok.thakrar@o2.co.uk

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