Large portion of Autorollo debt to be auctioned, reserve price of €200,000
Trustees of bankrupt road haulage company AutoRollo are selling the bulk of claims on the company's former owner Vaino Pentus, for a starting price of €200,000. A court had found Pentus guilty of intentionally running the company into the ground after asset stripping it.
The firm was declared bankrupt nearly 10 years ago, while a year later a bankruptcy committee filed a civil suit for close to €580,000 against Keit Pentus-Rosimannus, current finance minister, BNS reports. Co-defendants were Rain Rosimannus as well as lawyer Siim Roode and two law firms, Roode & Partnerid and MAQS Law Firm Advokaadibüroo.
The claimants said the parties had undermined the interests of AutoRollo's creditors, and removed assets from the company.
When AutoRollo bankruptcy proceedings ended in 2012, Vaino Pentus' outstanding debt stood at €317,640; as of February 3 this year he had paid a total of €1,465 in relation to the claims.
Harju County court found in summer 2014 that Keit Pentus-Rosimannus, at the time foreign minister, was not connected to Vaino Pentus' AutoRollo bankruptcy, but on appeal, a court in June 2015 found she and co-defendants partly responsible, a claim which they later successfully appealed.
In 2016 a court found Vaino Pentus guilty of causing, deepening and perpetuating the insolvency of the company, asset stripping, accounts violations, document forgery and embezzlement.
He was however freed from claims owing to the fact he went through bankruptcy processes as a private individual, BNS reports.
The portion of the claim put up for auction, which is all bar €27,640, BNS reports, has a starting price of €200,000. The auction will be held electronically.
Debt buyers sometimes buy defaulted debts at a discount, with a view to either trying to collect the debt itself, or to resell portions of it, or both.
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Editor: Andrew Whyte