Seattle Ski Construction Ltd. has been declared insolvent by the Sofia City Court
With Court Ruling  40 dated 06.10.2011, Sofia City Court declares Seattle Ski Construction ltd. insolvent with initial date of insolvency 31.12.2007, puts it into administration, terminates the business activity of the company, puts an injunction over all company’s assets and appoints a temporary trustee. The debtor has signed preliminary contracts with more than 120 foreign investors under which has received around 6 million euro deposits from buyers and failed to fulfil its obligations taken under the said contracts for building of a Development with a commercial name Summit Lodge in the Town of Bansko. The company also failed to transfer the title over the residential units to the buyers. As a result of the bad financial situation of the company, a group of creditors represented by Toskov & Yordanov Law Firm has undertaken steps for declaring the Developer insolvent, which has become a fact with the above-mentioned court ruling. The next most important step in front of the creditors of Seattle Ski Construction Ltd. is to unite in a group which with the total amount of the receivables of its members to determine the direction of the insolvency proceedings, and that way to increase substantially the chances for a successful refund of the deposits paid.
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