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Mirbud rebuts Sukcesja decision

Aneta Cichla 08 February 2018

Aneta Cichla

Deputy editor in chief, journalist

+48 22 356 25 15
aneta.cichla@eurobuildcee.com

Aneta is passionate about the retail real estate market and everything associated with it. She has worked in the editorial department of ‘Eurobuild CEE’ for seven years. Prior to this she was employed as a journalist for the Retailnet.pl portal and for Shopping Center Poland magazine. In her free time she enjoys reading books, walking the dog and working out at the gym. She also loves watching martial arts fights.

POLAND Mirbud is to file a complaint against the court decision in Łódź to dismiss its bankruptcy petition against Fabryka Biznesu.

The dispute is over PLN 27 mln which Mirbud, the general contractor of the city’s Sukcesja shopping centre, claims is due to it from Fabryka Biznesu, the developer of the project. Fabryka Biznesu, however, insists that this was a contractual penalty.

Mirbud has released a statement critical of the justification of the court’s decision: “According to the Court's justification, the basis for dismissing the bankruptcy application is ‘(...) a genuine dispute regarding claims for the remaining part of the payment for work executed under a construction contract,’ rather than the actual financial situation of Fabryka Biznesu.”

Mirbud’s statement continues: “In the court's opinion, the filing of the application for the bankruptcy of a participant in the proceedings was not aimed at undermining confidence in Fabryka Biznesu as a reliable participant in business transactions, but only resulted from the position presented by the applicant with regard to the existence, maturity and indisputability of its claims. Furthermore, it should be taken into consideration, even though the court did not conduct an examination of the premises for declaring the participant's bankruptcy, that the financial results of the debtor's activities presented in its financial statements may raise reasonable doubts regarding its solvency. The company's activities in 2015 and in 2016 generated losses. Its equity at the end of the reporting periods was negative. (...)”.

It goes on: “If the amount of the contractual penalty imposed on Mirbud was not included in its other operating income, the profit and loss account published for June 30th 2017 would show a loss of PLN 13,808,840.69. Although the participant’s assets have a very high value, it is fully encumbered with sureties. The above circumstances indicate that the existence of grounds for recognising the Fabryka Biznesu limited liability company in Łódź as a debtor that has lost the ability to settle its due liabilities cannot be excluded,” argues Mirbud..

Sukcesja, which opened in September 2015, comprises 45,000 sqm of leasable space. Mirbud was originally awarded a PLN 267 mln contract to build the shopping centre.

Fabryka Biznesu had also sought the bankruptcy of Mirbud, but its petition was thrown out in an earlier court decision.

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