Former Minister of Finance and co-chairman of "We Continue the Change" Assen Vassilev will be personally liable for the bankruptcy of his former company "STV Consulting", reported the newspaper "Sega" and bird.bg.
The Supreme Court of Cassation (SCC) has finally ruled that the date of insolvency of the company is December 31, 2020 - a period in which the politician was its sole owner.
The key date and the judicial turnaround
The stakes surrounding the exact date of bankruptcy are decisive for legal and financial liability. Assen Vassilev is the sole owner of "STV Consulting" until May 7, 2021, after which he transferred his share to Mario Sotirov. The Sofia City Court of First Instance initially accepted that the company became insolvent precisely at the end of 2020. Subsequently, the Court of Appeal moved this date to December 31, 2023. Now the supreme magistrates have overturned this decision and finally fixed the original date.
Hidden millions and accounting equilibria
By the end of 2020, as the owner, Vassilev had already made a serious financial commitment to Sebastian Bretschneider through a loan agreement concluded back in February 2019. In November 2020, this loan was annexed and increased by the amount of $477,025. Today, Bretschneider is claiming unpaid principal and interest in the amount of an impressive $3,181,600.
In the first instance, the court has already found irregularities in the accounting of these funds. The loan was only reflected in the accounting books in 2023. According to the experts, it had the status of a long-term loan as early as 2020, in 2021 the obligation became short-term, and by the end of 2023 - current.
Financial collapse and the "Chataldzha" saga
The Supreme Court of Cassation points out in its reasoning that as early as the end of 2020 the company was completely decapitalized, with permanently deteriorated liquidity and no sustainable income. The company's activities were artificially supported by loans, as it did not have any liquid assets with which to satisfy its creditors. The temporary improvement in the financial situation in 2022 was considered by the magistrates as insignificant for the overall picture of the bankruptcy.
The situation is further complicated by the fact that a property mortgage was established on the famous building on "Chatalja" Street, used in the past by "Continue the Change". Despite the mortgage, the property was sold without the creditor receiving its funds, leaving uncertainties about the future consequences in the ongoing bankruptcy procedure.