Bayer Construct Ltd. has filed a request with the court to initiate insolvency proceedings, Attila Balázs, the owner of the Bayer Group, told employees yesterday. According to the company chief, developments over recent months have left the business facing serious financial exposure. He cited regulatory changes affecting projects under way, the Government’s decision concerning Zugló City Centre and adverse market conditions.
A minor technicality may have derailed a supposedly fixed mega-project
The most pressing problem is likely to be the Zugló City Centre development being built behind Bosnyák Square. The state bought the office complex in November 2023, but for the sale to be completed, entries…