Insolvency administrator raised CZK 426 mil. selling assets of PSJ

The insolvency administrator received CZK 426.7 million by March this year through the sale of assets from the Jihlava company PSJ. The former major domestic construction company ended in bankruptcy three years ago due to debts, the court decided to declare bankruptcy on its property in April 2019. The company's assets, including account balances, were valued at 736 million crowns. Some claims disputes have not yet ended. The deadline for submitting the final report in these proceedings cannot yet be determined, insolvency administrator David Jánošík stated in a report that was published in the insolvency register today.

In the report on the state of insolvency proceedings by the end of March, Jánošík stated that he had already monetized all of PSJ's movable property and that he was completing the sale of the company's real estate, its shares and securities. He recovers the insolvency debtor's claims through the courts and out of court. He also informed about the conclusion of several settlement agreements and that he is now monetizing two sets of difficult-to-recover receivables.

In the report, Jánošík also mentioned two dozen incidental disputes concerning, for the most part, the authenticity and the amount of the registered claim, which have not been finalized.

Last February, the recognized receivables from PSJ, according to the insolvency administrator's information at the time, were around two billion crowns.

The joint-stock company PSJ dealt with general construction supplies. In 2017, it had a turnover of almost four billion crowns and employed over 300 people. She filed for insolvency against herself in 2018 due to insolvency. According to the then statement of the management, the company suffered on contracts in Russia and in the country and did not find a suitable financial partner. Before declaring bankruptcy for PSJ's assets, creditors filed claims with the court for more than CZK 8 billion.

According to the latest report in the insolvency register, the largest item of PSJ's assets is a set of the company's receivables. They were valued at 272.8 million crowns. Balances on PSJ's bank accounts were over 84 million crowns. Other large items include, for example, the company's headquarters in Jiráskova Street in Jihlava with land and other real estate in Jihlava, which were sold for CZK 82 million.

GST sport bought a 42.31 percent stake in Teniscentrum Jihlava for CZK 850,000. The majority share in the company Teniscentrum managing tennis courts in the city belongs to Jihlava. In February this year, Jihlava's deputies approved the purchase of a stake in GST for 4.4 million crowns. On that occasion, the town hall stated that the GST company had acquired this share of PSJ's property in a public auction, in which it offered a little more than the city of Jihlava.

Source: CTK