Development in the legal actions against BBG
As you know, iuvo ceased work with the originator BBG in February 2020 due to a delay in the repayment by the Georgian company. Since then, the platform took a number of actions to protect the interest of the investors, which were expectedly slowed down due to the COVID-19 pandemic and the actions of the originator to avoid the service. As of today, as a result of our constant actions, iuvo successfully served the claim on BBG with which the lawsuit against the company starts on merits. After BBG’s deadline for filing a response to our claim, we will inform you in detail about the expected next steps and the expected results from them.
We would like to remind you that in 2021 iuvo won the lawsuit for imposing precautionary measures on the movable assets /MOVH/ of BBG in Georgia and the company was banned of disposing their available assets.
Iuvo is on the list of creditors of CBC
As we have informed you before, our first significant success in the legal actions against CBC was stopping the pre-pack purchase of the company, the start of the remedial procedure, and the in-depth internal audit afterwards, as part of which, we expected the release of an official report, including the list of CBC’s creditors. As of today, the list of CBC’s creditors, which includes iuvo, is submitted to the court by the administrator and it expected to be officially published in the Polish state newspaper in the next few days. After its promulgation, the legal two-week period will start, in which the list can be appealed. After its expiration, it will start a process of preparing a plan for restructuring of the company. In the meantime, the process of collecting the assets of CBC under the supervision of the administrator is already ongoing.
We continue to inform you for each development in the CBC case and the repayment of their debt to the investors on the platform.