On 10th August 2009 a new record appeared in the Commercial Register. “Interlink BG” Ltd – developer of Windows to Paradise – has 1/3 of its shares seized by a creditor.
I warned several times that such thing can happen. The creditor is Raiffeisen Bank and they have seized Ivan Stanchev’s (one of the shareholders) shares in the company. Obviously, the reason for the share seizure is that Interlink BG hasn’t paid the mortgage loan (EUR 4 000 000) to Raiffeisen Bank. Therefore the bank sued Interlink BG and won the case. Studying the court documents, it’s clear that Ivan Stanchev acted as second debtor (a guarantor), since he guaranteed for the loan with his own property.
Now, after the lawsuit is over, Interlink BG has secured the whole loan except EUR 63,818. Consequently the bank sued Ivan Stanchev for that amount as he is the second debtor. He hasn’t paid them right away, so the bank used an enforcement agent to seize Ivan Stanchev’s shares in Interlink BG Ltd.
The documents are not so clear if Interlink has repaid the loan in cash, or the banks took the ownership over some of the apartments in Windows to PAradies. This requires further legal research.
28 August 2009 3:13 pm
Thank you and the information is appreciated. I am not sure where this leaves us but if there is some areas where you think there may be a case to persue please let me know.
28 August 2009 3:14 pm
I am not sure what to add but your advice was helpful.
31 August 2009 9:32 am
Milen,
This information that you have given is not true. There has been no repayment of the loan you have mentioned. This type of report only gives false hopes of those people who you previously represented.
Chris Dale
31 August 2009 10:06 am
Chris,
then how do you explain that the whole due amount is 4,000,000 (four million Euro), but the bank seeks only EUR 63,818 of it? It’s either Interlink has repaid the rest, or the bank just took the ownership of your apartments(those without title deeds) and intends to sell them.
Since you are so close to Reiffeisen bank, why don’t you enlighten us about the EUR 4,000,000 loan status?
31 August 2009 10:10 am
The reason why i say this is not true is because i have been in discussion with the bank today (31 Aug 09) and they confirm that the loan is still outstanding.
Chris Dale
31 August 2009 10:16 am
It’s still outstanding because they haven’t collected those EUR 63,818 (or maybe more, depending if they have cashed the mortgages) along with the court expenses they have made.
31 August 2009 10:25 am
Milen,
I do not need to explain anything or enlighten you in anyway? I am disgusted by your ‘off the cuff’ remark to me in relation to my response. I simply corrected you regarding your statement which was untrue.
Maybe you should have contacted Raiffeisen before you made the statement.
Chris Dale
31 August 2009 10:35 am
Chris, your remarks are more than inappropriate. I’m trying to put some light over the case and you act as if I’m the one who took your several-thousand-pounds investment.
I believe only to official documents, and not to phone conversation with anybody. I repeat that I’ve based my post only on official court documents, announced to the public in the Commercial Register.