Inapa has already been declared insolvent and an administrator has been appointed

The insolvency verdict against Inapa was already issued this Thursday, and Bruno Costa Pereira was appointed administrator of the process.

“In the Court of Justice of the District of West Lisbon, Commercial Court of Sintra – Judge 4 of Sintra, 08/01/2024, at noon, the verdict was issued declaring Inapa insolvent,” reads the announcement available on the Citius portal.

Bruno Miguel da Costa Pereira has been appointed as the insolvency administrator, who has already dealt with cases such as Groudforce and mushroom company Sousacamp.

The notice also states that “a meeting of creditors is scheduled to be held on 27 September 2024 at 2:00 p.m. to assess the report, which may be represented by an agent with special powers.”

On July 29, Inapa filed for bankruptcy in the Commercial Court of the Western District of Lisbon.

“The insolvency situation of Inapa IPG was caused by a specific short-term cash shortage of its subsidiary Inapa Deutschland GmbH (“Inapa Deutschland”) in the amount of 12 million euros, for which no financial solution was found by 22 July, the deadline set by German law, as a result of which Inapa Deutschland filed for bankruptcy on that date,” the company explained at the time.

The Inapa Group was founded in 1965 and its main shareholder is the public company Parpública with 44.89% of the share capital, while Nova Expressão has 10.85% and Novo Banco 6.55%. The remaining capital is dispersed.

In July, it was revealed that Inapa had requested a €12 million injection for urgent Treasury needs, but the Finance Ministry said Parpública would not provide the company with the requested funding.