Construction giant Vegyépszer’s bankruptcy proceedings’ legality doubted
Once favoured construction firm of the first Orban regime and the following Medgyessy government went bankrupt in the spring of 2011 with billion-worth projects in process. The company which ran a quite similar career as the nowadays popular Közgép, built highways for 260 billion forints ten years ago and still won an 80 billion huf assignment by the Lybian city of Az-Zawya in 2010. As the works were swept away by the revolution in only 3 months, Vegyépszer bankrupted. The non-appealable bankruptcy proceedings now turned to a next level after some creditors took legal actions. Vegyépszer forced its creditors to accept a highly unprofitable contract by a procedure influenced by initiated creditor members, offended subcontractors say.