The construction company PSJ is in bankruptcy, the court ruled so at its request

Jihlava - The joint-stock company PSJ, based in Jihlava, is in bankruptcy according to today's decision of the Regional Court in Brno. This is derived from data published in the insolvency register. The construction company itself repeatedly filed for insolvency due to payment incapacity. At the beginning of November, it reported having 1,464 creditors with liabilities totaling 1.588 billion CZK. Creditors should decide on the company's bankruptcy resolution in April.

PSJ, a.s., is engaged in general construction supplies, and its sole shareholder is PSJ Holding based in Amsterdam. At the beginning of November, the joint-stock company PSJ employed 112 people. The number of employees has since dropped below 50, PSJ spokesperson Miroslav Fuks informed CTK today. He stated that PSJ, a.s., is currently only involved in completing the reconstruction of the internal pavilion of the Jihlava hospital, acting as a member of the consortium, led by the company Podzimek and Sons.

In today's ruling, the court urged creditors who have not yet filed their claims to do so within two months. The court scheduled a hearing to review the filed claims for April 3rd and immediately after that called a creditors' meeting. The meeting will address, among other things, the election of a creditors' committee, the report of the insolvency trustee, and his statement regarding the method of resolving the bankruptcy, which the meeting will also vote on.

The court appointed David Jánošík from Hradec Králové as the insolvency trustee for PSJ. Jánošík is already in charge of the company SCF Servis, which is in the same group as PSJ. The company SCF Servis, which deals with comprehensive property management, has been in bankruptcy since the end of August this year. The court has also approved its reorganization. The management of PSJ requested the appointment of the same trustee.

The company PSJ filed for insolvency for the second time. In the first case, it was preceded by another creditors' proposal that the court already addressed. That proceeding was halted. The new insolvency proposal was filed by the PSJ management at the beginning of November. According to the press release at that time, the blockage of the insolvency process complicated the company's situation. In the September insolvency proposal, it stated that it employed 268 people, which fell to 112 by November.

The management of PSJ informed the court that the company incurred financial losses on contracts in Russia as well as domestically, and negotiations to find a suitable financial partner were unsuccessful. According to the latest insolvency proposal, the total value of its assets is 1.857 billion CZK. The net turnover of the company for the last accounting period was 3.987 billion CZK.