The Varazdin Commercial Court has received a petition from Varteks' CEO, Karlo Kopacek, to open bankruptcy proceedings. The petition is based on several unpaid liabilities that have been outstanding for more than 60 days and the non-payment of three consecutive salaries.

At the same time as the bankruptcy petition, the Finance Agency confirmed the freezing of the debtor’s accounts and funds. It found that Varteks’ accounts had been blocked for 64 days continuously and had been blocked for 68 days in the last six months, with unpaid debts totalling €2,246,670.

The bankruptcy petition contains documents relating to the textile company’s recent business activities, which show that overdue loans (principal and interest) amount to €16.61 million and overdue claims from domestic creditors (including settlements) amount to €4.26 million.

Outstanding receivables from employees were also included, indicating that salary costs for May totalled €593,046.

According to a list of real estate and mortgages within the Varteks Industrial Complex, Zagrebacka Banka and the Croatian Bank for Reconstruction and Development are the main creditors with claims totalling €5.9 million and €5 million respectively, followed by the largest shareholders, Stjepan Cajic and Nenad Bakic, who have multimillion-euro claims