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.