A meeting of creditors of the Kremikovtsi iron and steel works determined the procedure for the realization of the assets of the debtor, the plant's trustee in bankruptcy Tsvetan Bankov told BTA on Friday.

The procedure for the realization of the possessions and property rights from the liquidation estate of the company which are not secured under the terms of the Tax and Social Security Procedure Code will be determined by the trustee in bankruptcy according to the attainment of a higher selling price.

According to Bankov, this means that for all assets for which there is no interdiction under the terms of the Code, he will determine a criterion for realization which will allow the attainment of the highest possible price.

As for the method and conditions of evaluation of the assets of the debtor, the decision of the meeting of creditors envisages that the evaluation will be carried out according to the method of net value of the assets, separately for each asset, and according to the method of liquidation value of the assets, separately for each asset.

The evaluation will not take into account the expenses for liquidation of the evaluated assets. The trustee in bankruptcy said that the evaluation of each asset according to the two methods is aimed at determining a fair market price at which the asset will be proposed for sale.

The meeting of creditors decided that the choice of evaluators and the setting of their remuneration will be entrusted to the trustee in bankruptcy.

After the trustee in bankruptcy receives three offers for evaluation of Kremikovtsi's assets included in the liquidation estate, he should commission the evaluation to the evaluator who has offered the lowest price and the shortest time of execution. Offers may be submitted by evaluators licensed by the Privatisation Agency.

Source: BTA