Stockwhite bankruptcy ended without creditor payments; association did not receive 319,79 euros

The court terminated OÜ Stockwhite’s bankruptcy because there were no funds to continue the procedure. The apartment association Puškini 15’s claim for 319,79 euros remained unsatisfied.

The company was declared bankrupt on 10 June 2010. The trustee reported that its assets had been sold, no new receipts or grounds for recovering assets or bringing claims had been found, and funds were insufficient even for the procedure’s own obligations and expenses. No one paid the 1500-euro advance proposed by the court to continue proceedings. According to the report, the bankruptcy estate received 949,39 euros, which was spent on procedural expenses and tax. Creditors received no payments. The court confirmed the recognised claims of nine creditors that remained unsatisfied. These included the apartment association Puškini 15’s claim for 319,79 euros, which had been filed late and ranked in the third priority group. The court agreed with the trustee that insolvency resulted from the economic downturn and competition, rather than established signs of a crime or serious management error. Proceedings ended because of insufficient assets. The trustee is to be released after the company is deleted from the commercial register; company representative XX was appointed custodian of its documents. The court also ordered publication of a termination notice. These orders do not establish that deletion or publication had already occurred.

Terminate OÜ Stockwhite’s bankruptcy proceedings for insufficient assets after the declaration of bankruptcy. Confirm the unsatisfied claims, including 319,79 euros owed to the apartment association Puškini 15. Release the trustee after the company’s deletion from the register, appoint a document custodian and publish a notice.