Balchik Golf Heights

Balchik Golf Heights woes

[NB]: Please read Mike’s comment below for more accurate information. Since the developer of Balchik Golf Heights was forced to insolvency procedure, the developer continues to struggle. It turns out that even the sole owner of the capital of Varna Estates Ltd. - KMB Best of Bulgaria Properties and Services Ltd. (company No 131280900) - has also entered bankruptcy procedure. This makes collection of any creditor’s money difficult since the court fees for the bankruptcy administrator for both companies has to be paid by its creditors.

Developer of Balchik Golf Heights enters bankruptcy procedure

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.

Balchik Golf Heights - another struggling development?

Varna region is one of the last one standing against property developer’s bankruptcy. However more and more of them are having financial difficulties and thus causing failure on development deadlines and breaching buyers contracts. Balchik Golf Heights seems to have been affected by the financial difficulties too. Buyers have been purchasing and legally guided by a big Spanish law firm. Normally it doesn’t make sense Spanish law firm to deal with Bulgarian laws.