Huge tax debt could drown renowned window manufacturer Windoor

Glass façade maker Windoor is undergoing a refurbishment, but its tax debt continues to grow and jeopardizes the company’s viability. At the same time, Windoor is contracting for a company with a similar name – Windoor Facades, writes Äripäev.

At the Windoor plant in Saue.Photo: Liis Treimann

As the publication says, the tax debt of the company indicated in the reorganization program adopted at the end of 2019 is approximately 66,000 euros. However, the current amount of debt, indicated on the website of the Tax Department, already exceeds half a million.

According to Windoor reorganization consultant Andres Hermet, the company is implementing the reorganization plan, but if the current tax debt is not paid in installments, the reorganization may be interrupted and the company will go bankrupt. He said he had warned Windoor owner Mailis Lintl that the debt had to be dealt with.

The coronavirus crisis, which hit the company’s customers and suppliers, is to blame for the rise in debt, Lintlom said. Previously, Windoor’s tax debt was paid in installments, but the installment agreement was terminated because the company was not meeting the schedule. Windoor challenged this decision in court. Lintl said she hopes to negotiate with NTD and agree on a new payment schedule.

According to the bailout plan, the company must pay debts to creditors twice a year. The first payment has already been made, but some lenders claim to have received only a portion of the money. Lintlom, in turn, states that the company made all payments on time.

There are also agreements between Lintl and creditors that are not reflected in the reorganization plan. One creditor claims that Lintlom promised him to pay off the debt ahead of the date specified in the bailout program if he signs the program. He put the signature, but, according to him, Lintlom never fulfilled his promise.

Lintl, however, claims that the company has fully and ahead of schedule paid nine creditors in excess of € 200,000.

Windoor AS

Owner and sole board member – Mailis Lintlom

The latest annual report is for 2019. The turnover was 3.2 million euros, the profit was 219,000 euros.

In August 2019, the company initiated a reorganization procedure.

The company has a tax debt of over 506,000 euros, of which 202,000 is social tax, the rest is VAT and withholding income tax.

Works in conjunction with Windoor Facades

While Windoor is undergoing a refurbishment, the company is operating and receiving orders overseas. On closer inspection, it turns out that the firm is contracting for Windoor Facades, which, among other things, owns Windoor.

Mailis Lintlom, owner of Windoor.Photo: Priit Simson / Express Media / Scanpix

Lintl owns a third of Windoor Facades and, according to her own words, serves as a consultant for the company and deals with international sales. According to Lintl, this company was originally created to manage assets, but then its role changed. How exactly, she did not elaborate.

If two firms work in conjunction, is there a hidden transition of the enterprise, when orders are issued for one company, and debts – for the one that performs in a row? During the refurbishment proceedings, Lintl said a similar question was asked by a firm that wanted to cancel the refurbishment program. However, neither the remediation consultant nor the court considered the company’s allegations substantiated.

Hermet said he believes Windoor’s current business model is compelling.

Windoor Facades OÜ

Founded in 2013 by Reimo Hammerberg (former partner and board member of Sorainen).

Owners: Tatiana Obershneider, Prudens Investeeringud OÜ (owned by Kaido Vetevoog, who is also a member of the Windoor board) and Architectural Glazing Scandinavia (owned by Mailis Lintlom). Member of the Board – Maye Nuudi.

According to the annual report of Windoor Facades, sales in the first half of 2020 amounted to 192,000 euros, profit – 32,000 euros, a year earlier turnover was 77,000 euros, and a loss of 164,000 euros.

Reason for Windoor reorganization – dispute with the Republic of Kazakhstan

The main reason for which he had to resort to reorganization, Lintl calls a long-standing dispute with the Republic of Kazakhstan, about which the Far East wrote in detail in 2015.

In 2008, the Ministry of Foreign Affairs of Kazakhstan was constructing a complex of buildings in Astana, and the general contractor ordered the construction of a glass dome from Windoor. Windoor fulfilled the order but received no money for it, Lintl said.

The Kazakh side has a different vision of this situation: they claim that Windoor has undertaken to invest in the project, but did not do so. The parties to the conflict then met in court.

“The Stockholm arbitration ordered the Kazakh side to pay us 23 million euros. They refused to do so, and so we went to the Arbitration Court at the World Bank in Washington. Now we are waiting for their decision, and the refusal of the Kazakhs became the reason why we initiated the rehabilitation program, ”said Lintlom DV in 2020.

Co-owner of Windoor Facades has family ties with the owner of the scandalous Glaskek

One of the co-owners of Windoor Facades is Tatiana Obershneider. Her alleged husband Konstantin Obershneider also calls Windoor Facades his place of work.

Konstantin’s father is Vladimir Obershneider, the former owner of the Glaskek window manufacturer, which went bankrupt 11 years ago. Glaskek’s bankruptcy commissioners found that a third of the company’s production equipment and smaller tools (such as cordless drills and saws) were gone.

Former members of the board of Glaskek Indrek Pajur and Gennady Jygi, as well as the owner, Vladimir Obershneider, said then that they knew nothing about the loss of property. According to one version, part of the assets could have been transferred to new companies of former Glaskek employees.

Source: by

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