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People & Business :: M&A
EU investigates state aid received by NCHZ during bankruptcy in 2009
1:51 PM MDT | July 5, 2013 | Francinia Protti-Alvarez
The European Commission says it has opened an in-depth investigation to verify whether the non-payment of social security contributions and other liabilities due to the Slovak state during the bankruptcy proceedings of Novácké Chemické Závody (NCHZ; Novaky, Slovakia) was in line with EU state aid rules. NCHZ filed for bankruptcy in October 2009 and the company had at the time 2,000 employees. NCHZ, during the bankruptcy proceedings, did not pay social security contributions for its employees and other liabilities toward various state...
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