Creditors of ECM Real Estate Investments AG approved the Expert Valuation Report

The Municipal Court in Prague appointed our company EQUITA Consulting, s.r.o. (hereinafter also only referred to as the “Equita”) the appraiser institute responsible for valuation of assets of the debtor ECM REAL ESTATE INVESTMENTS A.G., with its registered seat at 2 Charles de Gaulle, Luxembourg, L-1653 (hereinafter also only referred to as the “Debtor”). Valuation was required to meet demands of § 153 of the Insolvency Law.

EQUITA processed the valuation and published the Expert Valuation Report (hereinafter also only referred to as the “Report”) containing estimated value of all Assets of the Debtor. Besides the Report includes expected amount that creditors would receive, if bankrupt will be declare.

The Report has been approved at the session of the creditors held on 22nd January 2013, which was primary convened to discuss and approve the Report.

Equita determined value of the assets of the Debtor at CZK 1,160,925,000.

The Report proceeded from the earlier Expert Valuation Report published by Equita, which was not approved by creditors at the previous session held on 5th September 2012. Despite creditors and the Debtor stated the earlier Expert Valuation Report comprehensively deals with the valuation and was processed professionally and with appropriate care, some information, that could influence results of valuation of Debtor’s assets, was not taken into account (information that was not provided to Equita or new information known after the earlier Expert Valuation Report was processed). Therefore creditors didn’t approve the earlier Expert Valuation Report and made a request for update the valuation so Equita could consider all information that could influence the valuation.

According to § 155 of the Insolvency Law after the discussion on the Expert Valuation Report the creditors will decide at the court session of creditors, if they will approve the Report. The Expert Valuation Report is generally approved when two thirds of creditors (calculated according to value of creditors’ claims) participating in the session vote for approval.


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Creditors of ECM Real Estate Investments AG approved the Expert Valuation Report

5. 9. 2012

The Municipal Court in Prague appointed our company EQUITA Consulting, s.r.o. the appraiser institute responsible for valuation of assets of the debtor ECM REAL ESTATE INVESTMENTS A.G.

read more >

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