Slovak Business Owner Transferred Assets to New Company While Leaving 1.5 Million Euro Tax Debt

A Slovak businessman transferred his operations to a newly created subsidiary while leaving substantial tax debts in his original company, which was subsequently forced into bankruptcy. Ladislav Godzsák, the 60-year-old sole owner and manager of lumber wholesale company Zeppelin, owes the state over 614,000 euros in taxes, prompting tax authorities in Žilina to file for the company's bankruptcy in April. Despite the company's financial troubles, Godzsák owns residential properties and land in the Liptov region of northern Slovakia. The tax issues stem from a 2015 tax audit that identified irregularities in the company's operations, leading to the current debt situation that forced the business restructuring.