On 12 February, Sunčani Hvar received a court order from the Split Commercial Court, which restricts the management’s authority to independently manage their affairs.

The court’s decision, signed by Judge Ante Čapkun, primarily states that Sunčani Hvar can no longer independently manage its property. Sunčani Hvar also received a ban regarding payments from their accounts, which also includes any forced payments by legal action from their accounts or other forms of forced payments from Sunčani Hvar as debtor. Therefore, all creditors that have court decisions in their favor against Sunčani Hvar are also blocked, including any eventual financial obligations that the company may have towards its central owner, Orco Group. The judge must also approve all payroll payments and taxes, with the possibility of the Hvar company selling any property excluded. The Sunčani Hvar management is required to obtain the courts approval of any such actions, which freezes operational management of Sunčani Hvar. The financial overextension of Sunčani Hvar, as a reason for bankruptcy proceedings, was revealed by the Zagreb company Inpro, which could not collect a debt from Sunčani Hvar in the amount of 18,5 million Kuna for completed reconstruction work. We have been informed from sources close to the Sunčani Hvar management that they were shocked by judge’s decision. Evidently, the new situation will not put into question the holding of an extraordinary assembly of stockholders.
(AmCham)

The court’s decision, signed by Judge Ante Čapkun, primarily states that Sunčani Hvar can no longer independently manage its property. Sunčani Hvar also received a ban regarding payments from their accounts, which also includes any forced payments by legal action from their accounts or other forms of forced payments from Sunčani Hvar as debtor. Therefore, all creditors that have court decisions in their favor against Sunčani Hvar are also blocked, including any eventual financial obligations that the company may have towards its central owner, Orco Group. The judge must also approve all payroll payments and taxes, with the possibility of the Hvar company selling any property excluded. The Sunčani Hvar management is required to obtain the courts approval of any such actions, which freezes operational management of Sunčani Hvar. The financial overextension of Sunčani Hvar, as a reason for bankruptcy proceedings, was revealed by the Zagreb company Inpro, which could not collect a debt from Sunčani Hvar in the amount of 18,5 million Kuna for completed reconstruction work. We have been informed from sources close to the Sunčani Hvar management that they were shocked by judge’s decision. Evidently, the new situation will not put into question the holding of an extraordinary assembly of stockholders.