Jihlava, 6 November (CTK) – The District Court of Brno began bankruptcy proceedings at JHlava-based PSJ Corporation. The bankruptcy proposal was handed over to the construction company itself for the second time. In the first case, however, it interfered with the proposal of another creditor that the court had already dealt with. This procedure has been stopped. This week, PSJ filed a new bankruptcy proposal. The company said it went bankrupt in the form of a second insolvency. And 14,664 creditors and CZK 158 million (CZK). This is the result of the data posted on the bankruptcy registry.
The Company has stated that the initial proposal is considered to be a bankruptcy proceeding by law and that progress is applicable. "Thus, the debtor was effectively prevented from submitting bankruptcy proposals at this time," the new proposal said. So the PSJ repeated the claim and suggested that the court decide to go bankrupt. The only shareholder is PSJ Holding, headquartered in Amsterdam.
PSJ, a.s deals with general building materials. The court ruled that the foreign contracts and financial losses had occurred in the Czech Republic and that negotiations for finding suitable financial partners were unsuccessful. Under the impaired proposal, the value of total assets is KRW 1.857 trillion. The net turnover rate for the last accounting period was 3,997 million kroner (CZK).
According to the PSJ's Monday press release, the company became more and more vulnerable to the situation by preventing bankruptcy proceedings. The first bankruptcy petition was filed by the PSJ in the first half of September. It was passed by a man who claimed that the PSJ owed 200,000 CZK. The company claims the argument is controversial.
"We have found ourselves without the legal protection of the debtor," a PSJ spokesman, Miroslav Fuks, said in a statement that many customers stopped paying for credit and continued to spend money, including wages. He added that the board's proposal has nothing to do with proposals to approve reorganization. In a September insolvency offer, the company said it hired 268 people.