TALLINN — The Harju County Court ruled Tuesday not to initiate the bankruptcy procedures against Arco Vara as the court does not find a reason to initiate the bankruptcy procedures.
Indrek Porila, the former CEO of Arco Vara’s Latvian branch, filed a bankruptcy claim against Arco Vara Jan. 21 at Harju County Court, claiming that the company owes him [private_supervisor]38 million krooni (€2.4 million) for his work on different projects and cannot pay due to insolvency.
The court decided that the bankruptcy claim was not clear, and that the real estate company Arco Vara is not insolvent.
Although Arco Vara posted a 324 million krooni (€20.6 million) loss in 2009 after posting even higher losses the previous year, the company said in January that the bankruptcy filing is a malicious act done to damage the company’s reputation and influence its stock price.
“To my knowledge Arco Vara AS has no debts, unpaid bills, outstanding liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent company which excludes any bankruptcy proceedings or their commencement according to the Bankruptcy Act,” Lembit Tampere, a member of Arco Vara’s management board said in a statement on the company’s website.
Arco Vara was founded in 1992 by Arti Arakas and is one of the largest real estate companies in the Baltic states. [/private_supervisor] [private_subscription 1 month]38 million krooni (€2.4 million) for his work on different projects and cannot pay due to insolvency.
The court decided that the bankruptcy claim was not clear, and that the real estate company Arco Vara is not insolvent.
Although Arco Vara posted a 324 million krooni (€20.6 million) loss in 2009 after posting even higher losses the previous year, the company said in January that the bankruptcy filing is a malicious act done to damage the company’s reputation and influence its stock price.
“To my knowledge Arco Vara AS has no debts, unpaid bills, outstanding liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent company which excludes any bankruptcy proceedings or their commencement according to the Bankruptcy Act,” Lembit Tampere, a member of Arco Vara’s management board said in a statement on the company’s website.
Arco Vara was founded in 1992 by Arti Arakas and is one of the largest real estate companies in the Baltic states. [/private_subscription 1 month] [private_subscription 4 months]38 million krooni (€2.4 million) for his work on different projects and cannot pay due to insolvency.
The court decided that the bankruptcy claim was not clear, and that the real estate company Arco Vara is not insolvent.
Although Arco Vara posted a 324 million krooni (€20.6 million) loss in 2009 after posting even higher losses the previous year, the company said in January that the bankruptcy filing is a malicious act done to damage the company’s reputation and influence its stock price.
“To my knowledge Arco Vara AS has no debts, unpaid bills, outstanding liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent company which excludes any bankruptcy proceedings or their commencement according to the Bankruptcy Act,” Lembit Tampere, a member of Arco Vara’s management board said in a statement on the company’s website.
Arco Vara was founded in 1992 by Arti Arakas and is one of the largest real estate companies in the Baltic states. [/private_subscription 4 months] [private_subscription 1 year]38 million krooni (€2.4 million) for his work on different projects and cannot pay due to insolvency.
The court decided that the bankruptcy claim was not clear, and that the real estate company Arco Vara is not insolvent.
Although Arco Vara posted a 324 million krooni (€20.6 million) loss in 2009 after posting even higher losses the previous year, the company said in January that the bankruptcy filing is a malicious act done to damage the company’s reputation and influence its stock price.
“To my knowledge Arco Vara AS has no debts, unpaid bills, outstanding liabilities, or any other solvency problems. Arco Vara AS is liquid and solvent company which excludes any bankruptcy proceedings or their commencement according to the Bankruptcy Act,” Lembit Tampere, a member of Arco Vara’s management board said in a statement on the company’s website.
Arco Vara was founded in 1992 by Arti Arakas and is one of the largest real estate companies in the Baltic states. [/private_subscription 1 year]
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