As we have already informed you, the first successful step in resolving the case with CBC was stopping the pre-pack purchase of the company and the ruling by the court on the start of a remedial procedure. For that purpose, we invested serious resources and effort together with Zimmerman, Sierakowski & Partners Law Firm, and other creditors.
Based on this decision of the court, an in-depth audit of the company’s activities was initiated with an administrator appointed by the court, which is still ongoing. In the course of the audit, the administrator also took a number of actions to collect and return the company’s assets, including submitting reports to the competent authorities in Poland in respect of criminal activities involving deliberate damage to the creditors’ interests by CBC. We expect the official report of this audit to be announced shortly, including the list of creditors who will be able to be satisfied with the company’s assets, and we expect iuvo to be included in this list, along with the full amount of our receivables from CBC.
Please keep following our blog for new and accurate information, provided to you in a timely manner, about the development in iuvo’s relationship with the loan originators on the platform.
You can find all updates on the CBC case here.