In the Czech Republic, developer ECM is best known for its large multi-functional City Pankrác project, but the its portfolio also includes a diverse range of assets in the Czech regions, Poland, Russia and China. On July 20, ECM’s creditors voted to send the company into liquidation. According to the insolvency administrator’s report, as of July 18 the company’s assets were worth Kč 3.3 billion.

The fate of the insolvent property developer ECM will be determined on Wednesday, August 20; the company’s creditors are calling for the restructuring of the firm but the appointed insolvency administrator, Ivo Hala, is rejecting their demands. What’s at stake is not “just” the debts, but the very existence of ECM. Some observers say that if the rights of creditors aren't recognized the company will be declared bankrupt.