DB24, Polfin try to block Code from selling its assets ahead of paying debts

Krakow-based investment company Code is illegally selling off its assets, say its creditors, DB24 and debt dealer Polfin, who are now demanding in court that the company be declared bankrupt. PZU Zycie and the state lottery Totalizator Sportowy, have lost over zl. 100 million in transactions with the company. According to unofficial sources, Code owes zl. 12 million to DB24 in unpaid credits and over zl. 2.5 million to Polfin. "We wanted to reach an amicable settlement and agreed to postpone payments many times. Deadlines have not been met and the company president is trying to hide assets which would pay off creditors. Moreover, despite the mandatory requirement, he has not handed the court a financial statement for 2001, which makes it impossible to evaluate the financial condition of the partnership," said president of Polfin Witold Migon. (Puls Biznesu, pp. 1, 7) M.M.