Business
Mediapolis Court Update
Mediapolis Court Update.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n \n 27 February 2018\n\nClear Leisure Plc(“Clear Leisure†or “the Companyâ€)\n\nMediapolis Recognition of First Charge over Asset and Credit Position\n\nThe Company is pleased to announce that the proposal of the receiver to Mediapolis (as announced by the Company on 22 February 2017) made to the Ivrea Court, that Clear Leisure 2017 Limited (“CL2017â€), the Company’s wholly owned subsidiary, holds a first charge over the land plot owned by Mediapolis Srl has now been approved by the Court in the amount of €2,678,357.\n\nThis figure excludes part of the accrued interest claimed by the Company on debt acquired from certain Italian banks in 2017, but which has not been accepted as part of the first charge. This is due to a time limit on the number of years which interest can be accrued on the principal sum in bankruptcy claims.\n\nThe Court approval means that any proceeds from the disposal of the Mediapolis land, up to €2,678,357 (subject to deduction of costs of sale), will be payable to CL2017.\n\nNot included in the first charge, but formally recognised by the Court as due to Clear Leisure, is unsecured debt amounting to €8,211,897 which comprises €2,715,475 of accrued interest due to CL2017 and €5,496,421 acquired by the Company from Olivetti Multiservices SpA (“Olivettiâ€). Due to the legal complexity of a valid transfer of a first charge whilst a company has been declared bankrupt, the transfer on the Ivrea Land Register of the first charge acquired from Olivetti remains pending.\n\nWhile a €3m debt claimed by the Ministry of the Economy position is still being assessed by the receiver, €165,718.53 of amounts due by Mediapolis to certa...