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.