The forced administrator listed the supervisory board in the first of the Hreit Group companies

After establishing the forced board over Hreit, the manager made the first personal decisions. He changed the composition of the North Star Development supervisory board from the Hreit group. Further movements are announced to normalize the debtor's situation, and ultimately satisfy the creditors – RzMK Restructuring said in the announcement.

At the end of July, the District Court for the Capital City of Warsaw in Warsaw appointed a forced manager in the Hreit bankruptcy proceedings. The decision of the bankruptcy court is enforceable and final in this respect. This is another in this proceeding protecting the interest of creditors that the court applied.

“Since the appointment of me to a temporary court supervisor, together with the team, I make every effort to ensure that the bankruptcy proceedings proceed to as efficiently and as effectively as possible, primarily in terms of securing the interest of creditors,” said Marcin Kubiczek, the previous temporary court supervisor, quoted in the announcement.

After appointing RZMK restructuring as a forced manager, the bankruptcy court, on the basis of law, also equipped him with competences regarding corporate rights in relation to subsidiaries.

“The goal is simple: securing property so as to prevent any assets that in the event of any bankruptcy or restructuring could be used to repay the claim,” said Marcin Kubiczek.

The forced administrator listed the composition of the supervisory board of the first of several dozen companies belonging to the Hreit Capital Group. This is North Star Development, which aimed to supervise, coordinate and conduct development investments in the northern part of Poland. There were several ventures under her care.

Three people went to the supervisory board: Sławomir Krężel, Paweł Łoziński and Paweł Terlecki.

“The Hreit case in many respects resembles the GetBack scandal, so quick and decisive actions are necessary. The prosecutor's office estimates that the losses in this case could have been up to PLN 3 billion in relation to PLN 10,000. Thanks to dynamic activities, the chances of recovering as much money by creditors – individual buyers of apartments and investors are increasing, which offered risky instruments (shares), in the procedure bankruptcy or restructuring, “said Marcin Kubiczek.

According to Kubiczek, the company did not submit the opinion of an auditor in the field of financial reporting for 2022-2024. The Company's ordinary general meeting did not adopt resolutions to approve the financial reporting for 2021-2024. In addition, in accordance with the registration files, the company did not have a full composition of the supervisory board from at least October 9, 2023, and at least from July 4, 2024, it has no composition of the Supervisory Board at all.

“The role of RZMK Restructuring as a compulsory manager is to take control of the company's assets and provide him with protection so that he is not depleted or improperly used. The administrator also examines exactly the causes of insolvency. On this basis, he assesses the possibilities of satisfying creditors and will prepare for the bankruptcy court and creditors – by 30 September – a detailed report as to the strategy in the field of directions and possibilities satisfaction of creditors with respect for the debtor's interests ” – it was written in the communiqué. (PAP Biznes)

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