The fate of the Cinkciarz and his creditors are weighing. The court decides about bankruptcy
– Bankruptcy proceedings are at the stage of evaluation by the Court of the Temporary Court Supervisor Report, which was received on May 12, established in the case of bankruptcy of Cinkciarz – says lawyer Paweł Grzebień from the office of Saturday Jachira, who represents the victims.
Sobota Jachira submitted the first effective (accepted for examination by the Court) a declaration of bankruptcy of this online currents. At the beginning of March he went to the District Court in Zielona Góra. According to the lawyers of this office The purpose of the bankruptcy proceedings is to satisfy the claims of all creditors as much as possible. They argue that without the bankruptcy of the Cinkciarza, the regaining money by the currency exchange office would be impossible or significantly difficult.
Considerable probability of declaration of bankruptcy
Cinkciarz.pl clients from September 2024 have complained about delays and no transaction implementation. Some are waiting for relatively small amounts from the online currency exchange office, which are several hundred zlotys, others for thousands, but there are also a lot of cases when the claims reach tens or even hundreds of thousands of zlotys.
At the end of March, the Zielona Góra court chose a temporary court supervisory Łukasz Grenda (Grenda-Restructuring sp. Z oo). – The temporary court supervisor plays a key supervisory and reporting role at the initial stage of bankruptcy. The mere fact of establishing such a supervisor by a court in proceedings regarding cinkciarz.pl. Sp. – emphasizes Paweł Grzebień.
He adds that the temporary court supervisor made a formal and substantive analysis of the Cinkciarza bankruptcy application submitted by Saturday of Jachira and assessed him as fully justified. – it was considered that The cinkciarz is undoubtedly in a state of insolvency and this state is permanent. In the opinion of the supervisor, the Cinkciarz does not have sufficient assets to repay the claims to all his creditorsand his legal situation was assessed in principle preventing further activity – argues Grzebień.
– The practice and experience of our office in similar proceedings show that with such a clear and categorical position of the temporary court supervisor, the courts usually declare bankruptcy in a very short time. Therefore, if the court supports this position, the bankruptcy of the Cinkciarz may be a matter of even the next few days – adds our interlocutor.
Our information shows that Cinkciarz's response was received at the bankruptcy request (such information from KRZ appeared). In this response, the Company presents its position to the allegations contained in the bankruptcy application regarding its insolvency. According to unofficial Business Insider information, the recommendation of a court supervisor, drawn up on the basis of an analysis of the company's financial situation, may allow the court to make a bankruptcy decision. Cinkciarz did not answer our question in this matter to publish this text.
Lawyers from the Sobota Jachira office point out that from the date of bankruptcy, a 30-day deadline is running to register their claims to the bankruptcy trustee, which is usually carried out only by electronic means via the KRZ ICT system (National Register of Debt). Failure to comply with this term may have serious consequences and significantly hinder and even exclude the investigation of your receivables towards the Cinkciarz.
According to lawyers, little chance of restructuring
Michał Kulczyński, legal advisor and restructuring advisor from the office of Saturday Jachira, reminds that in the case of Cinkciarz, the creditor has submitted a request to declare her bankruptcy (it is a client whose online currency exchange office is PLN 2 million).
– The company itself, although it found itself in a difficult financial situation, did not take action to submit a request to initiate restructuring or bankruptcy proceedings. The available media messages showed that she did not plan such steps. Even if it were assumed that the decision to open the restructuring proceedings, the chances of its effective conduct could be small. They speak for such a position, among others Official announcements of the Regional Prosecutor's Office in Poznań and the Ministry of Justice, indicating a large number of victims and a significant scale of financial losses – says Kulczyński.
Towards Robert G. and Marcin P. (respectively member of the management board and president of the company Cinkciarz.pl), allegations were formulated, including committing a crime of fraud consisting in bringing a number of people to an unfavorable disposal of property in the amount exceeding PLN 49 million, by misleading these people as to the circumstances of the conclusion of the contract in the Cinkciarz's mobile application, including the actual purpose of the money obtained from the internet exchange of currencies and financing from these measures in the group CONOTOXIA CONOTOXIA HOLDING.
– Even assuming that restructuring could lead to a partial satisfaction of creditors, it is difficult to imagine that the company's customers – after a long period of non -regulation of obligations – would be willing to re -give cinkciarz.pl trust. Therefore, it should be assessed that any restructuring procedure could be rather illusory and would not bring a real improvement in the situation for the company or its creditors – says Michał Kluczyński.
At the end of April, the Regional Prosecutor's Office in Poznań, which has been investigating the Cinkciarz from October, informed at the end of April that witnesses were interrogated on an ongoing basis, including People notifying the crime of fraud in connection with the online currency exchange. Until then, the testimony was received from over 850 people, and notifications of a crime were submitted by over 6.9 thousand. victims.
Not only bankruptcy proceedings, but also a criminal case
If bankruptcy is declared, a trustee will be elected who will manage the company's assets to satisfy the creditors as much as possible. The Regional Prosecutor's Office in Poznań joined the proceedings regarding the bankruptcy of the Cinkciarz, conducted by the Zielona Góra court.
Bankruptcy proceedings are one thing. The second is a criminal case that concerns the assets of members of the board and partners of the Cinkciarz. Lawyers postulate that the prosecutor's office would approach this issue as widely as possible and analyze whether there was help in hiding the property by the President's family or other managing persons (and such a procedure would be a crime). There is also an idea to trace the property transferred earlier (in recent years), whose possible recovery could be a way to satisfy creditors. That is why it is important that the victims also make their claims to a criminal, not just bankruptcy.
Author: Maciej Rudke, Business Insider Polska journalist
