The process of reaching a settlement under the extraordinary administration procedure of Agrokor is one of the most complex in Croatia and in Europe due to the complexities of Agrokor as a business and the total amount of the debt as well as the large number of creditors, 5.700 of them. This section contains all the news on the process of reaching of a settlement for all the key stakeholders, as well as the latest details and developments.
High Commercial Court rejected the appeal from Sberbank of Russia
02. Mar 2018.
The High Commercial Court of the Republic of Croatia rejected the appeal from Sberbank of Russia in its ruling of 1 March 2018. It found the appeal against the resolution of the Commercial Court of 23 November 2017 to be unfounded.
The matter concerned the application of Sberbank to have the Commercial Court declare null and void the Decision of the Interim Creditors’ Council of 31 August 2017 whereby the Extraordinary Commissioner received approval to perform payments of claims which became due prior to the opening of the Extraordinary Administration proceeding.
The Commercial Court rejected/dismissed that Sberbank’s application and now the High Commercial Court has confirmed that first instance decision.
In its statement of reasons the High Commercial Court has found that the ruling of the Commercial Court has no deficiencies and that the first instance court has properly applied material law pursuant to the Act on the Extraordinary Administration proceeding in companies with systemic importance for the Republic of Croatia.