Arca is trying to avoid paying its debts, says attorney Václav Žalud in an interview for the weekly Hrot

20.9.2023

The firm, for which it handles litigations and restructurings, recently purchased J&T Bank’s receivables from Arca Group companies in the Czech Republic and Slovakia. The aim was to take a key position in the process of resolving the debt of companies that are in trouble and without long-term development prospects due to years of management failures and inaction by Arca. In an interview, attorney Václav Žalud describes the latest developments in the Arca case.

You acquired the claims, why did you even apply for them and enter into the complicated story of Arca?

When the bank decided to sell the receivables package, we also made an offer. We regularly participate in similar tenders because we have experience in managing receivables and practice in their effective recovery. We want to achieve the highest possible satisfaction of the purchased receivables. In the case of the Czech insolvency, we are secured by shares of relatively healthy funds, while in the case of Slovakia the claims are also secured by operating assets. In this respect, Slovakia is more complicated, because to preserve value we need to support the going concern of these assets.

Have you communicated with Arca’s representatives?

We have already announced in advance that we are ready to communicate constructively with the debtor, to actively resolve matters and, if necessary, to support the stabilization of assets. Representatives of Arca have not provided any cooperation, have not supported their arguments that they can manage the assets or even monetise them profitably. In meetings, they did not bring any concrete vision for creditors…..

Read the full interview in the weekly Hrot

 

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