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Due to the excessive lengthiness of the court proceedings for the collection of CBC’s debts (remedial proceedings), a complaint was filed by iuvo and the other creditors of CBC against the court in which the CBC’s remedial proceedings are taking place. Our complaint was dismissed, with the higher court finding that the course of the court proceedings is being conducted at a “normal” pace.
However, following the complaint, the judge-commissioner decided to schedule a hearing to interrogate witnesses about CBC’s criminal actions related to the ineffective disposal of the company’s assets. The goal is to recover more funds in order to be used to satisfy the claims of iuvo and the other creditors of CBC.
According to the prognosis of the law firm hired by iuvo, it is likely that the procedures for the collection of CBC’s ineffectively used assets will be completed in 2025, but the likelihood that the entire remedial proceedings will be completed this year is minimal.
Most recently, the CBC Restructuring Plan, prepared by the court-appointed Administrator in the case, was approved, as the part about the arrangement proposals is expected to be updated.
