Empobor – Empresa Portuguesa de Borrachas went bankrupt at the beginning of 2017 with debts of 7 million euros. The company ended up being declared insolvent because it was unable to comply with the special revitalisation process. Now, the liquidation process of the company is underway, which involves the auction of land for urban construction measuring almost 1,500 square meters (m2) for the minimum value of one euro. This lot is located in the municipality of Figueiró dos Vinhos and has an asset value of around 57 thousand euros, according to a report by Jornal de Negócios.

This is a small portion of a much larger plot of land. For sale at auction is, specifically, an area corresponding to 3/16ths of a plot of land with a total area of 7,944 m2. This lot being auctioned has an asset value of around 57 thousand euros, which corresponds to 3/16 of the total value of this land, which is around 305.6 thousand euros, they explain on the online auction page.

The sale of this land is a step towards liquidating the assets of the former rubber factory, which is expected to accumulate a total of 1,714 million euros. But this value is much lower than the total debts, which reach almost 7 million euros, says the same newspaper. Empobor went into bankruptcy with debts owed to 138 creditors, including Besleasing and Factoring, Novo Banco, Montepio, Social Security, Caixa Geral de Depósitos, and the Tax Authority.