The developer of “Balchik Golf Heights” apart complex – Varna Estates Ltd- has been declared insolvent by Varna District Court. The proceedings have been initiated by a group of apartment buyers whose title deeds hasn’t been transfered to them. The procedure is in its beginning because the creditors need to pay the court fee. The case is suspended for indefinite period of time, but all Varna Estates Ltd assets has been seized and cannot be disposed. Creditors are encouraged to hire a solicitor and join the insolvency procedure in order to get a refund from the current assets of the company.

“Balchik Golf Heights” is one of the many unfortunate developments which hasn’t been finished in full. The property bubble has popped for Varna Estates Ltd too. Now it’s up  to the bankruptcy administrator to collect and sell as much as they can from Varna Estates Ltd assets in order to refund the buyers.

Read more solicitor advice here:


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  • Gladys Robinson 22 May 2012 Reply

    Please let me know how I go a bout getting my money back that I paid as a deposit on Balchik golf heights

    • Milen Hristov 25 May 2012 Reply

      Hi Gladys, both Balchik Golf Heights developer and its mother company are in bankruptcy proceedings right now. We are already representing 3 creditors (buyers in BGH) in the process. If you join the bankruptcy proceedings, you have a chance to recover your money.

  • nishi madan 4 November 2012 Reply

    Milen
    Can you please tell me how long such cases take for the money to be returned to the people who have invested in the Balchik Golf investment as the case has been with the courts for nearly 2 years. What are the chances of recovering the deposits paid to the developer?

  • Milen Hristov 5 November 2012 Reply

    Hello Nishi, Insolvency procedures take time and effort. As I said before, you should pursue the lawyers you have already engaged with this case. If you want to instruct us, we’ll be able to provide you with timely information on the case.

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