There is a chance to satisfy Idea Bank’s creditors

The receiver of Idea Bank’s bankruptcy estate has filed a lawsuit. Its worth almost PLN 0.5 billion against Leszek Czarnecki’s company LC Corp.

Marcin Kubiczek, the receiver of Idea Bank’s bankruptcy estate, has found a way to satisfy the bankrupt institution’s creditors. He found irregularities in the September 2017 transactions involving the leasing companies, Idea Bank and LC Corp. In his opinion, they led to the impoverishment of Idea Bank’s bankruptcy estate. He explains that at the time Leszek Czarnecki, owner of LC Corp, took control of Idea Getin Leasing with the company’s money. He also acquired personal powers in a non-market way, giving LC Corp full control over it.

This is to the detriment of the bank and institutional creditors. Thus, in September, a lawsuit against LC Corp. worth PLN 0.5 billion was filed with the District Court in Warsaw. A few days ago, the court granted security on Idea Getin Leasing’s shares by prohibiting LC Corp from selling and encumbering them.

According to the trustee, this decision gives hope that Idea Getin Leasing will return to the bankruptcy estate in the coming months. Then it will be possible to start a fair process of selling this company to an industry investor. If the process could be finalized successfully, creditors would have a chance to be satisfied by up to 100 percent. So far, the reported claims of creditors amount to PLN 640 million.

Source: https://www.pb.pl/wierzyciele-idea-banku-nie-zostana-na-lodzie-1167850