Quantum Fund’s fate is at stake
A creditor of Quantum Fund, the former Gent Holding group, has filed for bankruptcy of the company in a prepared liquidation. However, its sale would mean big losses for investors.
The situation of the real estate company Quantum Fund, the former Gent Holding group, may soon become clear. Under the Gent Holding banner the company collected over PLN 100 million from individual investors for investments in real estate. Then it ran into financial problems. It made three attempts at restructuring. However, the creditors preferred to oust Józef Rytel, the president and owner of Quantum Fund, from managing the company. Some of them filed for sanitation of the company and others for bankruptcy and appointment of a receiver.
The court decided to appoint a forced administrator. At the same time, one of the creditors filed for bankruptcy of the company under the prepared liquidation procedure. Quantum Fund’s assets would be bought by Homeland Investments for PLN 19.1 million. However, Quantum Fund’s debts are seven times bigger. If the transaction goes through, creditors will have to accept big losses.
However, the court must first decide on the restructuring or bankruptcy of the company. The creditor applying for a pre-pack argues that a prepared liquidation would be shorter and cheaper than a classic bankruptcy. Especially since Quantum Fund has no money even to cover the bankruptcy costs. However, according to the forced supervisor, there are some sources of funds that could be used to cover the costs. To mobilize them, Józef Rytel would have to hand over the company’s documentation. He has not handed over any documents to the temporary court supervisor.