Court turns down petition on insolvency of "Acot Technologies"
The Riga Regional Court today turned down a petition claiming insolvency of the metal-working company "Acot Technologies Ltd.", and released all frozen "Acot Technologies" accounts and property.
The Riga Regional Court today turned down a petition claiming insolvency of the metal-working company "Acot Technologies Ltd.", and released all frozen "Acot Technologies" accounts and property.
The insolvency procedures were initiated by the State Revenue Service's Riga regional administration. The administration decided on August 27 to extend the deadline for the company's debts by one year, hence the court's decision to turn the petition down.
"Acot Technologies" must make the final payment by the end of July 2003. The company's tax debt totals LVL 1,624,605.39.
The court ruled that "Acot Technologies" must pay the state a duty of LVL 100, and pay the administrator six minimum wages or LVL 360.
According to the administrator, "Acot Technologies" assets are LVL 9 million, while creditors' claims total about LVL 8.8 million.
The Riga Regional Court began reviewing the "Acot Technologies" insolvency case this past March. Metal-working and computer distribution company "GMD Ltd." requested then that "Acot Technologies" be ruled insolvent. The court rejected the petition.
"Acot Technologies" is a tax debtor since 1998, a part of the company's tax debts were once capitalized. When the company launched operations in Latvia, it took over debts totaling around LVL 2 million.
"Acot Technologies" launched operations in Latvia in 1996.
"Acot Technologies" branch in Riga employs about 500 workers; the Riga branch belongs to the Singapore company "Acot Technologies". Other shareholders are "Acma Technologies Pte Ltd." and "Rinzai Ltd.".
Zaiga Barvida LETA
Copyright © LETA
The insolvency procedures were initiated by the State Revenue Service's Riga regional administration. The administration decided on August 27 to extend the deadline for the company's debts by one year, hence the court's decision to turn the petition down.
"Acot Technologies" must make the final payment by the end of July 2003. The company's tax debt totals LVL 1,624,605.39.
The court ruled that "Acot Technologies" must pay the state a duty of LVL 100, and pay the administrator six minimum wages or LVL 360.
According to the administrator, "Acot Technologies" assets are LVL 9 million, while creditors' claims total about LVL 8.8 million.
The Riga Regional Court began reviewing the "Acot Technologies" insolvency case this past March. Metal-working and computer distribution company "GMD Ltd." requested then that "Acot Technologies" be ruled insolvent. The court rejected the petition.
"Acot Technologies" is a tax debtor since 1998, a part of the company's tax debts were once capitalized. When the company launched operations in Latvia, it took over debts totaling around LVL 2 million.
"Acot Technologies" launched operations in Latvia in 1996.
"Acot Technologies" branch in Riga employs about 500 workers; the Riga branch belongs to the Singapore company "Acot Technologies". Other shareholders are "Acma Technologies Pte Ltd." and "Rinzai Ltd.".
Zaiga Barvida LETA
Copyright © LETA
