Former Briju plans to file for bankruptcy
Former Briju, now Interma Trade, is planning to file for bankruptcy due to financial problems. In its announcement, the company indicated that it has lost the ability to pay its maturing liabilities.
Interma Trade planned to obtain additional financing from its subsidiaries, which due to the current situation caused by COVID-19 will be unable to support it.
The situation of the Company, which in 2016 received PLN 683 million in revenue and PLN 22 million in profit, deteriorated as a result of the change in the value added tax (VAT) that came into force on 1 January 2017. The changes in regulations, in the Company’s opinion, affected in particular the market of wholesale trade in precious metals and reduced its revenues by 95%. In 2017. Interma Trade earned PLN 89 million in revenue and PLN 11 million in loss.
Moreover, at the end of 2017, the Tax Office found out that the tax books were unreliable. In the report for 2018 Interma Trade has already informed about 4 proceedings conducted by the Tax Office. Due to the ongoing tax proceedings and the loss of its core business, at the end of 2019 the Company had PLN 89 million in liabilities with assets worth PLN 28.7 million.