One of the currently largest bond cases in the Czech Republic, when the EMTC group and its managing director Tomáš Bárta owes its creditors almost a billion crowns, is now being dealt with by the Municipal Court in Prague.
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“Manager Brož has recently been on the side of supporters of my bankruptcy, in my opinion simply because if I remained in debt relief, my incidental disputes with the group (the largest creditor) Petr Bujnoch and the company Credit One, which he controlled, could continue. If it is proven that I was right in my opinions, the trustees could face large damages, as he acknowledged their claims. So with my bankruptcy, it would be possible to check everything transparently before the courts and thus learn the truth ‘the water has closed’, ”Bárta responded.
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In his court report, the insolvency administrator stated that the EMTC group bond program fulfilled the characteristics of a fraudulent investment operation, where investors entrust money to the fund operator for the purpose of their interest. However, the operator no longer invests this money, and instead pays the fund’s money only to certain investors.
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The trustee also sees a fundamental problem in the fact that Bárta did not file an insolvency petition against the companies of the EMTC group at a time when they were still operating and producing values from which the claims of creditors could be satisfied. On the contrary, he came up with the filing of insolvency only when they are in fact dead entities without employees, assets or cash flow, and which, in principle, cannot be reorganized. According to him, bankruptcy is thus offered as a suitable form of bankruptcy solution.
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The administrator also drew attention to the fact that even in 2019, when Bárta was already in bankruptcy, he assumed disproportionate liabilities, which were paid from money intended for other purposes. These included, for example, leases of luxury office space and their costly individual modifications, significantly exceeding ten million crowns. Acquiring such disproportionate liabilities at the time of bankruptcy further demonstrates the debtor’s dishonest intention, the administrator added.
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EMTC owes its creditors almost CZK 800 million, while Bárta itself owes more than CZK 134 million. In addition, he personally vouched for part of the subscribed bonds. The financial health of the EMTC has long been speculated in terms of financial results. According to the financial statements of June 2018, the EMTC reported a loss of almost CZK 70 million. Bárta repeatedly explained the loss by the planned indebtedness within the investment development of the Lipa Learning software project.
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