An investment company
Growing Way s.r.o. is the biggest Czech bankruptcy proceedings in terms of the number of creditors. In a relatively short time the insolvency administrator reviewed almost 4,000 registered claims amounting to CZK 1.5 billion. The review of the claims was complicated by the absence of accounting books and the lack of will on the part of the managing director to provide the insolvency administrator with due cooperation. With regard to the suspicion of the managing director’s criminal conduct and financial transfers without legal reason, the check was extended to include the private bank accounts of the managing director and other associated persons. Following the criminal prosecution, the majority of valuable assets were secured by the Czech Police. The insolvency administrator took the relevant legal steps to ensure that the Czech Police released the secured assets. The aim was to realise the assets in the insolvency proceedings and not in criminal proceedings, based on the principle that the satisfaction of creditors’ claims be carried out in the fastest and fairest way possible.