Market announcement
Arco Vara AS
This announcement has been corrected.
Corrected version
CORRECTION: Court did not commence bankruptcy proceedings of Arco Vara AS
Category
Other price sensitive information
Date
16.03.2010 14:07:47
Title
Kohus jättis pankrotimenetluse Arco Vara AS vastu algatamata
Message
Harju Maakohus tegi otsuse millega jättis alustamata pankrotimenetluse Arco Vara AS vastu ning Indrek Porila pankrotiavalduse rahuldamata. Arco Vara hinnangul on Indrek Porila esitanud pankrotiavalduse pahatahtlikult, eesmärgiga kahjustada ettevõtte mainet. Indrek Porila on varasemalt nõudnud Arco Varalt 37 943 000 krooni (2 425 000 eurot) tasumist. Arco Vara on Indrek Porila nõude alusetust põhjendanud ja selle vaidlustanud. Vaatamata nõude aluseks oleva tõendusmaterjali puudumisele ja ettevõtte maksejõulisusele, esitas Indrek Porila kohtule pankrotiavalduse. Arco Vara AS juhatus on 2007 aastal Aktsiate Avaliku Müügi Prospektis (Prospekt) öelnud, et Indrek Porilale kuulub preemia, mis moodustab 12,5% Floriston Grupp OÜ (Floriston) omakapitalist ning mis kuulub tasumisele pärast Floristoni kinnisvaraprojektide realiseerimist. Prospektis on vastavat omakapitali osalust hinnatud 37 943 000 krooni (2 435 000 eurot) väärtusele. Möödunud aasta sügisest ei soovinud Indrek Porila enam esialgsest 2001 aastal sõlmitud suulisest kokkuleppest tulenevat 12,5% osalust Floriston Grupp OÜ-s, vaid asus Arco Varalt nõudma nimetatud summa tasumist. Arco Vara ei ole tunnistanud Indrek Porila esialgse kokkuleppega vastuolus olevat nõuet, sest ei ole realiseerunud ükski kinnisvaraprojektidest, mille alusel osalus jagamisele kuulus. Vastavalt pankrotiseadusele ei alusta kohus menetlust kui nõue ei ole selge ning selle üle käivad vaidlused. Kohus on oma otsuses leidnud, et nõue on ebaselge ning vaieldav, samuti ei ole kohtu arvates Arco Vara maksejõuetu, mistõttu puuduvad kohtul alused pankrotimenetluse alustamiseks. Arco Vara on Baltimaade üks juhtivaid kinnisvaraarenduse ettevõtteid, asutatud 1992. aastal. Ettevõtte põhitegevuseks on kinnisvaraarendus, mida toetavad enda kinnisvaravahendus ja hindamine, ehitus ning kinnisvarahaldus. Firmal on esindused 17 linnas Eestis, Lätis, Ukrainas ja Bulgaarias. Kontsernis töötab ca 170 inimest. 1 EUR=15,6466 EEK Lembit Tampere Juhatuse liige Arco Vara AS Tel: +372 614 4630 info@arcovara.ee http://www.arcorealestate.com
Title
Court did not commenced bankruptcy proceedings of Arco Vara AS
Message
Harju Country Court with its judgment decided not to commence bankruptcy proceedings against Arco Vara AS and dismissed Indrek Proila bankruptcy petition. Arco Vara has considered from the beginning the bankruptcy petition by Indrek Porila as a malicious act aimed at discrediting the reputation of the company and deeming it as extortion. Indrek Porila has previously claimed pay out from Arco Vara in amount of 37 943 000 kroons (2 425 000 euros). Arco Vara has objected the unfounded claim and contested it. Despite the lack of proof about the claim and solvency of the company, Indrek Porile filed the bankruptcy petition. The management board of Arco Vara AS stipulated in the 2007 in Initial Public Offering prospectus (IPO prospectus) that Indrek Porila has right for the bonus in amount of 12.5% from the equity capital of the Floriston Group, which is subject of payment after realization of Floriston Group's real estate projects. In IPO prospectus the partial equity capital is valued in amount of 37 943 000 (2 425 000 euros). Since last autumn Indrek Porila didn't wanted to obtain 12,5% equity of the Floriston Grupp OÜ as was agreed by oral agreement in 2001, instead demanded Arco Vara to pay a sum mentioned prior. Arco Vara has not acknowledged Indrek Porila´s such kind of claim contrary with the agreement, since non one of the real estate projects on the basis of which the equity considered to be divided, has been unrealized. According to the Bankruptcy Act, the court shall not initiate proceedings if a claim is not clear and is being disputed. With its judgment the Court stroked the vagueness and contestability of the claim and that Arco Vara is not insolvent, therefore there will not existing any ground to start bankruptcy proceedings. Founded in 1992 Arco Vara is one of the leading property developers in the Baltic States. The main business of the company is property development, which is supported by the group's own property brokering, valuation, construction and property management units. The company has representative offices in 17 towns across Estonia, Latvia, Ukraine and Bulgaria. The Group has a staff of ca 170. 1 EUR=15.6466 EEK Lembit Tampere Member of the management board Arco Vara AS Tel: +372 614 4630 info@arcovara.ee http://www.arcorealestate.com