According to the 212/2014 decision by the Multi-Member Court of Athens, Greek furniture company Neoset has been declared bankrupt, following the request of factory employees in Halkida, who went to court on November 20, 2013.
The same company, in November 2012, had filed a request to be subject to the provisions of Article 99 of the Bankruptcy Code, and this was followed by the closure of the Halkida factory in March 2013 and the dismissal of the staff; the bankruptcy petition was dismissed in June 2013.
According to experts, the decision for bankruptcy will allegedly put a definitive end to the effort of Neoset’s management to continue operations in another form.
“After this decision, all of Neoset’s assets, including its brands, are part of a bankruptcy estate, which will be sold in order to repay all creditors as well as the government,” said a lawyer involved in the case on behalf of Neoset’s employees.
He also noted that, following the decision, Neoset’s existing branch network will “essentially cease all its commercial activity, since the brand is now a bankruptcy estate and will be sold to satisfy creditors.”