Iuvo successfully recovered 1/3 of the debt of Lumen Receivables (AS Monify) before the credit company was declared insolvent

As a result of our hard work, up to date, iuvo successfully recovered and transferred to the users 1/3 of the debt of Lumen Receivables (Monify) or over 21 000 EUR. Meanwhile, due to the depletion of the company’s assets and the extremely high level of indebtedness, AS Lumen Receivables was declared insolvent, and with that all other legal and enforcement proceedings against it are ceased, including the lawsuit initiated by iuvo.

Due to the large amount of the debt of Lumen Receivables, part of which is to creditors with significantly higher share of the financing of the credit company, and tax liabilities of over 120 000 EUR, the probability of collecting additional funds by iuvo during the insolvency procedure is extremely low.

Considering the aforementioned, a careful assessment of the other options, and a consultation with the hired law firms, iuvo team made the difficult decision to not participate in the insolvency proceedings because it would not lead to having additional collection of the debt of Lumen Receivables due their depleted assets.