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Friday 14.12.2018 | Name days: Gaisma, Auseklis

Insolvent Tosmare Shipyard plans to lay off workers

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUTosmare Shipyard, which has been declared insolvent recently, has plans to lay off workers, as reported by LTV.

TV Kurzeme managed to contact the company’s chairman Aleksandrs Vaļums. Unfortunately, he did not provide any comments on this matter. Insolvency administrator Ivars Meļķis, on the other hand, said the company’s legal protection plan was declined because it was submitted too late. Right now the main objective is assessing the company’s financial state and reducing costs, which is planned to do by means of lay-offs.

«Looking at our closest orders and which specialists are needed to complete them, we will plan out lay-offs accordingly,» Meļķis told LTV, adding that less-important employees could be fired in the near future. «Still, it does not exclude the possibility of them being hired back after some time,» he added.

According to information from the State Employment Agency, Tosmare Shipyard has around 160 employees. So far SEA has not received a report from this company regarding a large-scale lay-off plan, nor has the agency been able to contact the company’s management. «No one answered any of the calls we have made using the phone numbers available to us. With that, we are unable to comment on what happens at the company and what they plan to do in the future,» SEA Liepaja Office manager Dace Baimane told LTV.

Currently SEA in Liepaja offers 700 vacancies. Approximately 100 of them are associated with metallurgy and ship-building, LTV reports.

On 9 August, Kurzeme District Court declared AS Tosmare Shipyard insolvent. Ivars Meļķis was appointed as the company’s insolvency administrator.

The request for insolvency was submitted by SIA Smare.

Smare representative, lawyer Ēriks Štālbergs said Tosmare Shipyard’s debt to his represented company is EUR 21,557. At the same time, he added that Smare has multiple associated companies, but only one of them has submitted a plea to the court. The total debt Tosmare Shipyard has before associated companies is around EUR 90,000.

«Tosmare Shipyard was agonizing throughout last autumn and winter. The company has nearly no employees left. All the work is performed by sub-contractors. And the company is left indebted to them. Several companies have already turned to us. So far, however, we have been able to reach an agreement with Tosmare Shipyard regarding debt repayment schedule. This time, unfortunately, we’ve not been able to reach an agreement. This is likely because Tosmare Shipyard has no funds left,» said Štālbergs, adding that Tosmare Shipyard did try to reach an agreement with Smari, but shortly before the court session it had transferred EUR 1,000 to the account of its creditor.

In the statement to Nasdaq Riga, the company’s representatives mentioned that the day before declaration of insolvency, 9 August, Tosmare Shipyard submitted a request for legal protection to Kurzeme District Court.

«Considering Kurzeme District Court’s decision, Tosmare Shipyard actively cooperates with the administrator so that the court would agree to commence legal protection process with his approval. Legal protection is a procedure that gives debtors in financial troubles an opportunity to restore their solvency by using means and methods detailed in the Insolvency Law,» as mentioned in the statement.

As previously reported, Tosmare Shipyard was applied with a prohibition of commercial pledge registration, renewal and change in the Commercial Pledge Registry of the Register of Enterprises of the Republic of Latvia in accordance with the 12 June 2018 decision of the Tax Enforcement Office. According to data from the State Revenue Service, Tosmare Shipyard’s total tax debt was EUR 398,652 as of 7 July.

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