13th of May 2011 Author: Glo Wood
A new chance for cash strapped lotto
It was announced this week that Bratislava District Court granted temporary protection from creditors to the Slovakian National Lottery Tipos, which is involved in a legal dispute with a Cypriot company, Lemikon Limited. Lemikon won a suit against Tipos for using the "know-how" of the Czech Å portka company.
As for the temporary protection, it gives Tipos 30 days to figure out a restructuring program provided by an experienced restructuring administrator, and if the proposal is approved by the court, an administrator will be appointed. If not, the company will be forced to file for bankruptcy.
In the last attempt to file for approval to undergo restructuring, there were procedural errors which caused the court to deny it.
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