Shareholders of Redan have decided to dissolve the company and initiate its liquidation process, as per resolutions passed during the general meeting. The role of liquidator has been entrusted to the current president, Bogusz Kruszyński. According to the resolution, the balance sheet prepared as of September 30, 2024, revealed that the company’s liabilities, amounting to PLN 60.5 million, significantly exceeded its assets, valued at PLN 42.5 million. This financial imbalance necessitated a vote in compliance with Article 397 of the Polish Commercial Companies Code (KSH), which requires management to convene a general meeting when losses surpass the sum of reserve capital, supplementary capital, and one-third of share capital. “In light of the company’s halted operational activities and the submission of an application to open accelerated arrangement proceedings, under which it is proposed to transfer key assets to creditors, the Management Board recommends adopting a resolution to commence liquidation. This would allow for the dissolution of the company following the conclusion of the restructuring process, provided the court approves the restructuring application,” the resolution justification states. The liquidation process will also allow for the termination of employment contracts with staff members currently under protection, thereby reducing the company’s operational costs. Shareholders further confirmed the appointment of President Bogusz Kruszyński as liquidator, ensuring continuity during the process. Founded in 1995, Redan has focused on logistics operations for the clothing industry. The company has been listed on the Warsaw Stock Exchange (WSE) since 2003. Source: ISBnews