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Court terminates Zsolnay liquidation procedure

Court terminates Zsolnay liquidation procedure

Budapest, August 10 (MTI) – A court in Zalaegerszeg, in western Hungary, has terminated a liquidation procedure brought against porcelain maker Zsolnay, MTI learnt from the company on Wednesday.

Imre Bodnár, Zsolnay’s legal counsel, said the court’s decision may still be appealed, but added that the decision would be “difficult to refute”.

“[Zsolnay’s] insolvency cannot be established and a liquidation may not be ordered on the basis of the request,” the court said, according to a statement released by the company.

Zsolnay noted that its Syrian majority owner, Bachar Najari, had repaid the company’s liability in full to WHB Vagyonkezelő a week earlier and initiated the termination of the liquidation procedure.

The court established that the mandatory 20-day period between the deadline for making the payment and the submission of the liquidation request had not expired, Zsolnay said.

The court’s decision “puts an end to the organised theft of the factory with the involvement of politicians and businessmen”, it added.

Najari earlier complained that his company was “under attack” by parties who want to take over its business on the market for European Union-supported building renovation.

Zsolnay tiles and ornaments adorn many landmark art nouveau buildings in Hungary.

Officials of the local council of Pécs, which owns a minority stake in Zsolnay, have said the business is on the verge of bankruptcy and set up a company to take over its operation.

Source: MTI

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