Sofia construction firm Geo Struct declared insolvent

Dozens of families in Sofia face significant uncertainty regarding their property rights after the construction company ‘Geo Struct’ was declared insolvent by the Sofia City Court last week. The affected residential building is located at 51 Simeonovsko Shose Boulevard.

While some residents have already officially acquired their properties, many others hold only preliminary contracts and have been unable to finalize their ownership. Some buyers reported that construction progress stalled for years despite the building reaching ‘Act 15’ status. One buyer, who paid 50% of the total cost in 2022, noted that communication with the developer ceased shortly after the payment.

Legal expert Dimitar Yanev stated that the company's insolvency complicates the situation, noting that buyers must be categorized into those who have secured ownership and those relying solely on preliminary agreements. Attempts to contact the construction company and its owner have been unsuccessful, as phones remain disconnected and emails have gone unanswered.