The city court in Prague declared bankruptcy in the bankruptcy case of the electronics store Mamut.cz operated by Mammoth. This happened more than two months after the creditors’ meeting decided on bankruptcy.

Some creditors expressed concern over the long delays. This provides a company mired in a huge mess of lost electronics and money, with a “time out” and the ability to continue handling its assets. Mammoth belongs to billionaire Vladimír Kovář’s Unicorn group.

The Mamut case is an unprecedented case in Czech business. 107,000 Apple phones and 361,000 AirPods were sold to other companies through the store.

All devices are lost. Just like the stolen money and the main organizer of this deal, Břetislav Janoušek.

“Declaring bankruptcy is a very important step in the bankruptcy process. At the time of declaration of bankruptcy, the so-called disposition rights to dispose of assets, namely the assets of the company, pass to the bankruptcy administrator. “In other words, the bankruptcy manager can start selling the debtor’s property,” said Mammoth bankruptcy manager Pavel Fabian.

When the decision is announced in the bankruptcy register, the debtor must avoid dealing with property. Another important point is that all of the debtor’s obligations are considered due from the moment of bankruptcy.

The creditors’ meeting decides how to resolve bankruptcy. It is then up to the court to issue a decision regarding bankruptcy or reorganization. The main point is that, according to the law, the consequences of declaring bankruptcy only come into effect when it is announced in the bankruptcy register. Until then, bankrupt people have freedom, for example in matters of property.

In Mammoth’s case, bankruptcy was decided at a creditors’ meeting on July 17. Creditors expected the court to quickly confirm this move, but nothing happened. Some of Mammoth’s creditors are already nervous about this.

“There are no clear facts from the bankruptcy register that could prevent the issuance of such a decision. “At the same time, decisions on how to resolve bankruptcy are usually issued by the bankruptcy court within a few days after the creditors’ meeting,” complained the Flagita company, one of Mammoth’s creditors, in a document published in the register.

The court decision on Mammoth’s bankruptcy was only published on September 12. That is, almost two months after the creditors’ meeting. It is also strange that the current court order issued is dated July 17th.

“The resolution was actually announced last July, at the end of the creditors’ meeting, and then the written version was published. “Of course it is unusual, the delay was caused by a holiday, as well as many other agendas in the justice department, which is why the head of the senate apologized,” explained Prague court spokesman Adam Wenig.

For example, in the case of the failed bank CZ Savings Bank, the Municipal Court in Prague issued a bankruptcy decision in the same resolution as announcing the bankruptcy finding. In another bankruptcy proceeding with the Eiffel Optic company, which operates an optician’s shop of the same name, the court decision on bankruptcy was taken at a meeting of creditors who decided it. Also in the case is the Municipal Court in Prague.

The Mamut electronics store, operated by the Mammoth company, purchases iPhones and other Apple accessories in large quantities for the purpose of further rental or installment sale. The deal is financed by T-Mobile and J&T Leasing.

Mammoth then sent the electronic goods to JAE and SBJ Trade owned by businessman Břetislav Janoušek without the finance company’s knowledge. He disappeared this spring. Along with him, telephone and money. Mammoth creditors applied for 6.7 billion crowns. The case is being investigated by the National Center Against Organized Crime.

Unicorns themselves, belonging to the Mammoth group, are also depicted as tricksters. Unicorn claims the company operates independently. However, at the same time, there are a number of financial, organizational and managerial ties between Unicorn and Mammoth. Even Břetislav Janoušek himself was a member of the entire Unicorn top management group last year.