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Information about a bankruptcy petition regarding the Issuer’s subsidiary undertaking filed by the building subcontractor


The Management Board of LC Corp S.A. (the "Issuer") reports that on 14 April 2015 it was notified of a bankruptcy petition (the "Petition") filed with regard to LC Corp Invest XV sp. z o.o., having its registered office in Wrocław (the "Company"), in which the Issuer is the sole shareholder.
The Company is the general partner of LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k., with regard to which the Petitioner also filed a bankruptcy petition, of which the Issuer notified in Current Report no. 17/2015 of 23 March 2015.
The Petition, dated 1 April 2015, was filed on 3 April 2015 with the District Court for Wrocław-Fabryczna in Wrocław by EM-BUD 2000 sp. z o.o. (the "Petitioner").
The Company disputes the legitimacy of the filed Petition in its entirety. The Company believes that the Petition was filed by the Petitioner in bad faith, in the meaning of Art. 34 of the Act - Bankruptcy and Reorganisation Law, because there were and there are no factual or legal grounds to file such Petition, in particular there were and there are no prerequisites arising from Art. 11 of the above-mentioned Act, which would indicate the Company's insolvency or at least the risk thereof.
The Petitioner submitted a claim to the Company, being the subsidiary debtor of LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k., for the payment of the remuneration for construction works of PLN 620,977.25 and the return of security deposit retained by the general contractor, amounting to PLN 26,205.50. The project, which is the subject of the claim submitted by the Petitioner, was completed in the third quarter of 2014. The petitioner was a subcontractor of the general contractor in this project and was not linked to the Company by any agreement or another direct liability relationship. According to the information received from the general contractor, all the remuneration owed to the Petitioner was paid to him, and the Petitioner's claim filed with the Company is entirely unjustified and non-existent.
According to the Petitioner, the grounds for claiming the above-mentioned amount from the Company are provided by the rule of the partner's subsidiary liability for the company's obligations. The Company points out that the Petitioner's reference to Art. 31 of the Code of Commercial Partnerships and Companies in connection with Art. 103 of this Code is groundless, because, firstly, the Petitioner did not carry out any enforcement against the assets of LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k. and did not prove that such enforcement proceedings would be ineffective, and, secondly, the above-mentioned provision, in the case the prerequisites specified therein have occurred, does not entitle the creditor to file a petition for the partner's bankruptcy, but only to carry out enforcement against the partner's assets.
The Company upholds its statements contained in Current Report No. 17/2015 regarding the groundlessness of the Petitioner's claim against LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k., as a joint debtor with the general contractor, pursuant to Art. 647(1) of the Civil Code, concerning the remuneration for construction works of PLN 620,977.25 and the security deposit retained by the general contractor, of PLN 26,205.50.

The petitioner's claim against the Company was not substantiated by any documents confirming that LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k., in which the Company is a partner, does not have any assets from which the Petitioner's claim could be satisfied. The Company refused to pay the requested amount. In the Company's opinion the Petition is a tool intended to force both the Company and LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 3 sp. k. to fulfil the obligations referred to hereinabove.
The Petitioner's actions to enforce the payment will, both now and in the future, encounter a decisive response from the Company, which will undertake all possible legal measures in this matter.
The Issuer points out that the Company's financial position does not give any grounds to file a bankruptcy petition and the amount, claimed by the Petitioner to be paid, does not affect the financial status of the Company or the LC Corp Group. The Company meets liabilities to all counterparties as they fall due.

Legal basis: Para. 5.1.24 of the Regulation of the Minister of Finance (Dz. U. /Journal of Laws/, No. 33, Item 259) dated 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent the information required by the laws of a non-member state.