NTB shareholders won’t get their money back

NTB shareholders won’t get their money back

New Construction Technologies (NTB) filed for bankruptcy in April 2021. Some of its investors found out about it after more than a year.

New Building Technologies is a company that created a silicate block for wall construction, combining a structural and thermal insulation layer. The product was approved after two years of work. It erected a new hall and built machinery. In February 2020, the company’s crowdfunding campaign was launched on the Beesfund platform. The company wanted to raise PLN 4 million from investors. In the end, 97 people contributed only PLN 178,000 to it. It managed to raise the rest of the capital from a German investor.

The company filed for bankruptcy in April 2021. Not all investors received the information about its bankruptcy. Some learned about it after more than a year.

NTB did not survive through COVID-19. Interest in its solutions fell overnight, and the German investor demanded the loan back.

According to the trustee, there is no chance for the company’s shareholders to recover their money. Creditors’ claims have exceeded PLN 12 million. Meanwhile, the company’s assets are valued at PLN 11 million. There are still costs of the bankruptcy proceedings to be covered.

Regulations governing the crowdfunding market, which were recently introduced by the crowdfunding law, will make investors better protected.

Source: https://www.pb.pl/inwestorzy-nie-wiedzieli-ze-spolka-upadla-1158535

 

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