Project update

Update from the originator: 

"Please be informed that the creditors' meeting has taken a decision to negotiate with the potential buyer who has made an offer to purchase the real estate owned by the borrower (by selling the property for EUR 80 000, i.e. the buyer's offer price). In the event of failure to reach an agreement with the buyer, the property will be sold by free sale under the following conditions: free sale with the price of the property in the advertisement being set at EUR 72 345,00; in the event of failure to sell the property or to negotiate the sale within 20 days, to reduce the amount indicated in the advertisement to EUR 57 876,00, and, in the event of failure to sell the property or to negotiate the sale within 20 days from the date of the renewed advertisement, to call for a meeting to decide on the further procedure for the sale of the property and to fix the price. The announcement of the sale of the property shall be placed on the portal aruodas.lt. We will inform about the progress/results of the sale by a separate notification. Regards, Nordstreet team."

Update from the originator: 

"We inform you that a decision was made at the meeting of creditors to conduct negotiations with a potential buyer who submitted an offer to buy real estate owned by the borrower (by selling the property for EUR 80,000, i.e. the price offered by the buyer). If it is not possible to reach an agreement with the buyer, the property will be sold by free sale under the following conditions: by free sale and setting the price of the property for sale in the advertisement at EUR 72,345.00, if the property is not sold or negotiations are not started within 20 days, reduce the amount specified in the advertisement to EUR 57,876.00, if the property is not sold or negotiations regarding the sale of the property are not initiated within 20 days from the updated announcement, to call a meeting regarding the further procedure for the sale of the property and price determination. Place an ad for the sale of property on the portal aruodas.lt . We will inform you about the progress/results of the property sale in a separate message. Best regards, Nordstreet team."

Update from the originator: 

The originator would like inform you that the decision was made at the meeting of creditors to sell by free sale and to set the price of the property for sale in the advertisement at EUR 125,163.00, if the property is not sold or negotiations are not initiated within 20 days, to reduce the amount specified in the advertisement to EUR 106,389.00, if the property is not sold or negotiations are not initiated regarding the sale of the property within 20 days from the updated advertisement, to reduce the price specified in the advertisement to EUR 90,431.00, if the property is not sold or negotiations regarding the sale of the property are not initiated within 20 days from the updated advertisement, to call a meeting regarding the further procedure for the sale of the property and price determination. The ad is posted here: https://m.aruodas.lt/patalpos-vilniaus-rajone-murlines-k-bijunu-g-parduomads-mb-bijunu-dvaras-nuosavybes-3-333186/ 

Update from the originator: 

The originator inform you that in 2023 At the meeting of creditors to be held on December 20, they voted in favor of this procedure for the sale of the pledged property. Sell ​​the above-mentioned real estate complex by free sale and set the price of the property for sale in the advertisement at EUR 125,163.00, without selling the property or entering into negotiations regarding the sale of the property within 20 days, reduce the amount indicated in the advertisement to EUR 106,389.00, without selling the property or entering into negotiations regarding the property of sale within 20 days from the updated advertisement to reduce the price specified in the advertisement to EUR 90,431.00, if the property is not sold or negotiations regarding the sale of the property are not initiated within 20 days from the updated advertisement, to call a meeting regarding the further procedure for the sale of the property and price determination. Place an ad for the sale of property on the portal aruodas.lt.

Update from the originator: 

The originator informs that at the meeting of creditors held on 10/11/2023, it was decided to sell the real estate complex by free sale and to set the price of the property for sale in the advertisement at EUR 147,250.00. sales order and price determination.

Update from the originator: 

The originator informs that it was decided to sell the mortgaged property by free sale and to set the price of the property for sale in the advertisement at EUR 155,000.00. setting. Place the property sale ad on aruodas.lt. Best regards, Nordstreet team.

Update from the originator: 

The plan for the sale of the mortgaged property provided for in the bankruptcy process has ended, so a new plan will be approved in the near future. The following preliminary sale procedure is foreseen: to sell the property by free sale and to set the price of the property for sale in the advertisement at 160,000.00Eur, to set the sale price for a period of 6 months. Place an ad for the sale of property on the portals aruodas.lt, alio.lt, domoplius.lt. In the near future, a meeting of creditors will be announced, during which the sale procedure will be approved.

Update from the originator: 

The mortgaged property is currently being sold for EUR 160,000.00. The bankruptcy administrator informed that one interested person went to inspect the area, but has not yet submitted an offer. 

Update from the originator: 

Assets are sold during the free sale process of bankruptcy, so far there is no serious interest from buyers. Due to the mortgaged property, Bijūnų g. 40 (residential house), a request was submitted to the bailiff to start the bidding process without waiting for Bijūnu str. 36 sale of assets. The bailiff rejected the request on the grounds that the guarantors' obligation is subsidiary, which means that it can be enforced only when all the assets of the principal debtor have been realized.

Update from the originator:

In the bankruptcy process, it was DECIDED: Real estate complex owned by BMB "Bijūnų dvaras": (Land plot 0.2848 ha (unique No. 4400-4140-2377) (mortgaged); Building - Two-room residential house with terrace 207.84 sq.m. m. (4400-5001-9271) (pledged); Building - Farm building (unique number 4400-5301-4214) (under construction) (pledged); Building - Farm building (unique No. 4400-5301-4203) (unfinished construction) (mortgaged); Building - Farm building (Unique No. 4400-5301-4247) (under construction) (mortgaged); Building - Farm building (unique #4400-5301-4236) (under construction) (pledged); Building – Farm building (unique no. 4400- 4 5301-4190) (under construction) (mortgaged); Building - Sauna (unique no. 4400-5301-4180) (mortgaged)) to sell free sale under the following conditions: To sell the above-mentioned real estate complex by free sale and to determine the property to be sold the price in the advertisement is EUR 210,000.00, if the property is not sold or negotiations for the sale of the property are not started within 30 days, reduce the amount specified in the advertisement to EUR 195,000.00 without selling the property or entering into negotiations regarding the property of sale within 30 days of the updated advertisement to reduce the price specified in the advertisement to EUR 180,00.00, if the property is not sold or negotiations for the sale of the property are not started within 30 days from the updated advertisement, reduce the price indicated in the advertisement up to EUR 160,000.00.

Update from the originator:

Repeated auctions of pledged property have been published, you can follow them - https://www.evarzytynes.lt/evs/pages/auction.do?id= 266782 &number=237247.

Update from the originator:

On December 9th, the first auction ended, which was declared not to have taken place due to the absence of a single participant. On December 30, the second auction will be announced, and the initial price of the property will be 238,500 Eur. The bankruptcy administrator informed the originator that there is one more seriously interested person to whom the property will be shown when the weather conditions improve and it will be possible to drive to the property for sale.

Update from the originator:

Auctions for the pledged property have been published, the progress of which can be followed here - https://www.evarzytynes.lt/evs/pages/auction.do?id= 264432 &number=234482 .

Update from the originator:

A new property valuation has been received - for the amount of 265tEur. In the course of two weeks, auctions of the mortgaged property will be announced, and the starting price in the auctions is 265tEur.

Update from the originator:

The first meeting of creditors took place yesterday, where general issues of the bankruptcy process were discussed. A property appraiser has already been appointed to determine the value of the property, the assessment will probably take about 2 weeks, and upon receipt of the conclusion, bids for the mortgaged property will be published. During the fire that occurred in August, two auxiliary buildings were damaged, which in the initial assessment were valued at about 15 thousand each, the insurance payment received from the insurance and currently in the account of the bankruptcy administrator is equal to almost 21 thousand euros. This amount will be paid together with the funds received from the sale of the entire complex in accordance with the norms of the Law on Insolvency of Legal Entities.

Update from the originator:

A fire at a mortgaged property was reported and an arson investigation was launched. Two auxiliary buildings were burnt during the fire. The insurance company estimated the damage at ~20,000 euros, which is currently being finalized and will be paid out in the near future. Once the compensation is received, the amount will be distributed to the investors. In the near future, the bankruptcy administrator will convene a meeting of creditors, after which liens on the pledged property will be announced. Since the condition of the mortgaged property has changed after the fire, a new valuation of the property will be required before the auction, so the sale process will take a little longer.

Update from the originator: A bankruptcy case was filed by the borrower and approved by the court. The financial claims are currently being approved by the court. After about a month, a meeting of creditors will be called to decide on the sale of the mortgaged property. After that, an appraisal of the value of the mortgaged property will be appointed and the sale of the property will be initiated. If the mortgaged property is sold during the first auction, it is likely that the investors will get their money back in 4-6 months.

Update from the originator: Up-to-date information on enforced debt recovery. On May 24 a bankruptcy hearing was scheduled. Bankruptcy orders are likely to be issued in early June and bankruptcy proceedings will begin. In the bankruptcy process, a creditor's claim is submitted within 30 days, a creditors' meeting is convened, the procedure for the sale of the property is approved, and so on. The stage of selling the property of third parties is the appointment of a valuation, respectively, tenders can be announced after about 1 - 1.5 months (depending on the valuation, possible complaints, etc.). In the bankruptcy process, the sale of the property will depend on the moment of the decision of the issue at the creditors' meeting, and the assessment, but it is possible to predict up to 3 months before the sale of the property.

Update from the originator: Under the loan agreements, applications were submitted to the notary for the issuance of enforcement orders under the maximum mortgage agreements at the end of February. Accordingly, the notary issued enforcement orders under the maximum mortgage and pledge agreements. Documents, data, information and coordinated requests were provided for the evaluation of documents. Therefore, 03-29 sent applications with attachments for the issuance of executives. An enforcement order is issued within a period of 20 days. Following the appointment of a bailiff under a writ of execution and the commencement of enforcement proceedings, a summons is sent and a period of 30 days is allowed from the service of the summons to pay the debt. As the debt had not been paid, an expert examination was appointed to determine the market value of the pledged property (the period for determining this is up to a maximum of 20 days). From the valuation of the property on the basis of expert examination, tenders may be announced not earlier than after 20 days. Under the signed promissory note and surety agreement, claims under the promissory note are sent to the borrower and the guarantor for payment of the promissory note. In addition, the second notice of non-payment of the bill is sent. In the event of default, an application is made to the bailiff for the issue of an order under a bill of exchange. The issuance of an enforcement order depends on the employment of the notary. The warrant is scheduled to be issued next week.

Update from the originator:

Enforcement at the bailiff. The deadline for the summons is 04-12, then an expert examination will be given. All accounts are seized.

Update from the originator:

The borrower coordinated the refinancing of the loan, but the agreed amount would not cover all the accumulated amounts and was therefore not accepted. A notarial notice on the payment of the debt was sent with the deadline not respected. A visit to a notary for the issuance of executive records was then executed. After that, executive records were issued through the Bailiffs' Chamber.

Update from the originator:

The agreement was terminated due to late payments. The default execution notes were issued from the notary and the bailiff was assigned which gave 30 days to pay off the debt, after that term, the collateral will go to valuation and bailiff's public auction.

Update from the originator: 

The borrower decided to sell the property so he could pay late payments and repay the loan. The advertisements are placed on the aruodas.lt website. Property viewings have already started, but no signed agreement has yet been reached. All overdue accrued interest would be paid to investors after the sale of the assets.

Update from the originator: 

A reminder of breach of payment has been sent to the Debtor.

Update from the originator:

The borrower has promised to pay in the coming days. The borrower is ill from Covid-19, which is why payments are delayed.