Agrokomerc goes into bankruptcy, management announces complaint

On Friday, January 11, the Municipal Court in Bihac passed the decision on the initiation of bankruptcy proceedings in the Velika Kladusa-based company Agrokomerc and appointed Sefik Smlatic as the bankruptcy supervisor.

The court decision says that it has been determined that the company has stopped settling its liabilities and carrying out its main activities, as well as that it hasn’t been paying salaries and contributions.

It is also pointed out that the legal period of three year within which the Government of the Federation of Bosnia and Herzegovina, as the legal owner of the company’s property, was supposed to carry out fiscal consolidation and report its results, has expired without the process being carried out.

The court decision also says that Agrokomerc has enough property whose sale could settle the debts towards creditors, who have been invited to register and document their claims.

– I have prepared a report on around 300 pages, detailing the reasons why bankruptcy proceedings are needed. The Law on Bankruptcy Proceedings clearly defines in which case they are initiated, namely, in the case of insolvency – says Sefik Smlatic.

The management of Agrokomerc is not satisfied with this decision. They have pointed out that they will file a complaint within the legal deadline.

– We have notified the Government of the Federation of Bosnia and Herzegovina of this, as the decision gives us eight days to file a complaint. We will use this option and complain to the Cantonal Court in Bihac. Until they reach the final decision, we will continue with our regular operations – pointed out Mirsad Hamidovic, the acting director of Agrokomerc.

bankruptcy proceedings at Agrokomerc

Agrokomerc bankruptcy

Sefik Smlatic

Mirsad Hamidovic