London-listed Sofia Property Fund, formerly Lewis Charles Sofia Property Fund, said on Tuesday that its Bulgarian subsidiary faces insolvency court proceedings but intends to vigorously oppose the application. Developer Westhill, which has partnered with the fund on selected projects, has indicated it has lodged a claim with the relevant court in Bulgaria petitioning for insolvency proceedings to be brought against the fund's Bulgarian subsidiary.
London-listed Sofia Property Fund, formerly Lewis Charles Sofia Property Fund, said on Tuesday that its Bulgarian subsidiary faces insolvency court proceedings but intends to vigorously oppose the application. Developer Westhill, which has partnered with the fund on selected projects, has indicated it has lodged a claim with the relevant court in Bulgaria petitioning for insolvency proceedings to be brought against the fund's Bulgarian subsidiary.
No formal notification of the claim has been received as yet, Sofia Property Fund said. 'The company's Bulgarian legal advisers are confident that this claim is fully defensible. The company will vigorously defend its position,' the fund said.
