This is yet another developer which throws shade on all foreign investments in Bulgaria. The company Bulgaria BTL is a developer company which was supposed to build a nice closed house complex at the foot of mountain Vitosha, Sofia. The houses were sold off plan. The company started attracting buyers, by asking them for small initial installment of ? 5000. The latter amount was supposed to be for opening a company in Bulgaria, and later that company was supposed to buy the land and the house.
However, the company just took the ? 5000 and seized the construction. This leads all investors to a dead end. The company website is now closed and the buyers consider themselves as a victims of fraud.
However not everything is lost. Our lawyers have performed a legal due diligence of Bulgaria BTL. Here is what we found:
Company name: Bulgaria Buy To Let LLC,Since 2008 there are no activities in the commercial register company file, initiated by the manager. This should be a sign that the company is left. The Commercial register shows that Anil Kohli's shares has been seized by the court. This seizure is initiated by a Bulgarian citizen. Our legal interpretation is that most probably Anil Kohli owes the Bulgarian person certain amount of money ( EUR 94600, to be specific) and therefore the court has issued a seizure order against Anil Kohli, consequently seizing his shares in the company.
Company file No 131436790
Registered addres: Sofia, 36 Dragan Tzankov Blvd, Entr. B, floor 5, office 501
Manager: Simon Cristofer James Also
Shareholders: 1.Ingrid Grace Also and
Registered capital of the company: 5000 levs (about EUR 2500)
The legal due diligence showed also that the company owes a factory for producing wooden materials for house construction. So far there are no liens over that property, so the quicker creditors get their claims filed in court, the better chance they have to get their ? 5000 back. The factory can be seized so, it will stay there for the plaintiffs, no matter how long the case lasts in court. After getting the positive court resolution, the creditors could put the factory on a public tender, sell it and get their money back. The latter should be done via law enforcement agent.