Cortina Residence was developed by Cefin Real Estate Alpha, a company owned by Italian group Cefin and US investment fund Heitman.
The real estate compound had debts of almost EUR26 million when it entered insolvency in 2010.
The compound’s liquidator’s is BDO Business Restructuring.
The company’s creditors are banks Investkredit and Volksbank, with a EUR37.7 million loan, as well as Romprest Service and Greek construction company Edrasis Psallidas.
Several real estate developments have entered insolvency or declared bankrupt over the past years, such as Asmita Gardens, Blue Tower, Ibiza Sol or Laguna Residence.