A Madrid judge has authorised a suspension of payments against the Nozar real estate group. A judge in Mercantile Court Two in Madrid, has authorised the suspension of payments of the real estate giant Nozar, which has a debt reported at more than 4 billion €.

The application for insolvency has been accepted after being presented by a creditor and now the company has five days to appeal and show that it can, in fact, pay.

Among those said to be owed money by the company not only large banks, but also small suppliers who have been left without being paid for months. If the bankruptcy is confirmed, it will become the second largest ever in Spain, behind only Martinsa, but larger than Habitat.

Source: Typically Spanish
http://foroconcursoacreedores.com/nozar