Glatzova & Co has advised Tetera A Spol as CEPO Green3's insolvency administrator.
CEPO Green3 was formerly known as Fair Credit International.
According to Glatzova & Co, the insolvency administrator has, as a consequence, "included the business enterprise of Fair Credit Czech, a non-bank consumer credit provider, into the debtor's estate of CEPO Green3. With the support of our law firm and EC Financial Services, which holds a non-bank consumer credit provider license, the insolvency administrator was prepared to take over the management of the business, which included a receivables portfolio exceeding CZK 1 billion. The purpose of this management was to professionally liquidate the receivables portfolio while reducing operating costs after the business operation, which, based on available information, was no longer a going concern, was terminated."
Additionally, the firm reports that the "insolvency court held that the business operation could not be terminated before the resolution of the dispute over the exclusion of the business from the debtor's estate. This view of the insolvency court, although contradictory to insolvency principles from our perspective, ultimately led the insolvency administrator to enter into a multi-party settlement agreement with Fair Credit Czech and the major creditors of the business. As a result of this settlement, the creditors of CEPO Green3 will receive compensation equivalent to the prospects that the managed liquidation under the leadership of EC Financial Services would have brought for these creditors."
The Glatzova & Co team included Counsel Vaclav Zalud and Junior Associate David Becvar.
