Business News

Receivership Relaunched at CPL

Ljubljana, 03 June (STA) - After the Ljubljana Higher Court annulled in April the decision of the District Court to send builder CPL into receivership because the four workers who had proposed it were paid on the day of the ruling, the proceeding was restarted on Monday based on a request from creditor banks.

Creditors who have already reported their claims as part of the procedure that started on 26 February will not have to do that again and Veljko Jan, who led the first procedure, was again named the receiver.

The court made the decision based on claims filed by creditors SKB banka, Banka Celje, SCAC Italpali and Probanka.

It found the company to be insolvent, including for being late by more than two months with the payment of over 20% of its liabilities.

At the end of 2012, the builder's long- and short-term liabilities to banks amounted to EUR 5.1m and EUR 24.2, respectively.

In the meantime, another 73 former CPL workers filed claims for receivership over unpaid wages.

When the receivership first started at the company in February, 264 people lost their job, while 44 were kept on a temporary basis. 75 of the laid-off workers filed lawsuits at the Labour and Social Court over illegal firing.

CPL was set up as a road maintenance company in 1961 and later also participated in other construction projects. It had a workforce of over 500 people in 2008.

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