Proper Group AG: Bankruptcy Proceedings Initiated, Proper to Appeal
27 September 2024 - Press release-
Proceedings initiated over minor missed payment of £20,000
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Debt has been settled
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Proper Group AG is confident in ability to halt proceedings
A Swiss court has initiated bankruptcy proceedings against Proper Group AG over an unpaid invoice of CHF 23,000 (equivalent to approx £20,000).
Proper Group AG was unaware that the claimant, Zug-based law firm MME Legal, had initiated proceedings and consequently missed a hearing on Tuesday. As a result, the Court issued a default ruling in favour of MME Legal.
Proper Group AG settled the debt on 25th September and is confident its appeal will halt proceedings. The deadline for the appeal to be submitted is 7th October.
A spokesperson for Proper Group AG said: "We are disappointed that bankruptcy proceedings have been triggered. Our company was unfortunately unaware that legal proceedings over a minor debt were taking place, and as a result we were not represented at the court hearing. Our debt has now been settled and we are of course appealing this decision. Recent positive developments in the business have placed us on track to near-term cash flow positivity, with clear prospects of profitability by 2025, so we expect to reach a favourable outcome."
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