A bit of unusual story if you take a look at the administrators, why they can’t handle to lift that quantity appears just a little unusual contemplating their “expertise” and backgrounds. In the long run, the attorneys will price greater than they at the moment do
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Hellenic Dynamics is struggling to remain afloat after receiving a “liquidation petition” from one among its collectors, requiring it to pay its money owed and accrued curiosity in full or face potential liquidation, and noticed its shares quickly suspended from buying and selling.
On August 1, the medical hashish grower based mostly in Northern Greece introduced that its authorized advisors, Hill Dickinson, had filed the petition in court docket, with a listening to date scheduled for August 28, 2024 .
The authorized motion associated to an impressive quantity of £85,058.83. Curiosity on the debt has been accumulating at a fee of £21.29 per day for the reason that petition was submitted on July 16, 2024.
A liquidation petition is a severe authorized motion that may result in an organization being compelled into liquidation. A creditor, who owes not less than £750 and believes that the corporate is unable to pay its money owed, can current this petition in court docket. The petition is then served on the corporate, giving discover that the creditor seeks to liquidate the enterprise.
As soon as the petition is served, the court docket units a listening to date to find out if the corporate is bancrupt. If the court docket finds the corporate unable to pay its money owed, it will possibly problem a liquidation order, which ends up in the obligatory liquidation of the corporate.
Earlier than the court docket listening to, the corporate has a restricted time to resolve the issue, both by paying the debt, to barter with the creditor, or to dispute the declare in court docket. Failure to deal with the petition might end result within the freezing of the corporate's financial institution accounts and different extreme restrictions on its operations.
Hellenic mentioned that with a purpose to pay its money owed, it depends on the receipt of a mortgage of 1 million euros introduced in April, which it expects to obtain in “mid-August”, a couple of days earlier than the date provision of the court docket.
The grower is reportedly in discussions with Hill Dickinson LLP and its attorneys, Wedlake Bell LLP, to resolve the matter and says it’s going to hold the market knowledgeable of any developments.
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