Nearly €20 million in debt: the company founded by this Moroccan collapses in Spain

Barcelona Commercial Court No. 9 has opened insolvency proceedings against Cosplaan Obras y Servicios Laantit, Crónica Global reported this Tuesday, September 1.

The company, which specializes in the construction of residential buildings and is based in L’Hospitalet de Llobregat, was founded in 2004 by Alilou Laantit Temlakoutan, an entrepreneur of Moroccan origin.

Its financial situation gradually deteriorated until judicial proceedings were opened. According to the latest available accounts, Cosplaan is now carrying debt of nearly €20 million.

Nearly one million euros in unpaid debts to financial institutions are reportedly what precipitated its insolvency filing. The court appointed PKF Attest Concursal to administer the proceedings.

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A significant portion of Cosplaan’s debt is also covered by public guarantees. Of the approximately €20 million owed, €7.1 million corresponds to around twenty ICO loans, backed by guarantees from the Spanish Ministry of Economy and assistance from the Catalan Institute of Finance.

94 jobs affected

The financial collapse affects a company that still has a substantial structure. Cosplaan employs 94 workers and has share capital of €700,000. Its headquarters are located in L’Hospitalet, in the Barcelona metropolitan area.

The appointed administrator will now have to examine the company’s financial situation, its assets and the claims filed, before the next steps in the proceedings are determined.

Cosplaan’s founder remains active in several other Catalan companies. Alilou Laantit notably appears at the helm of or in the administration of Almia Homes Laan, Habitlaan Promocions, Spanish Sommeliers and Zimax 5000. Crónica Global reports no proceedings targeting these companies as part of the Cosplaan case.

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The company’s collapse comes in a construction sector where corporate failures remain common in Spain. A Spanish construction group had already been forced to abandon its activities in Morocco after a series of financial difficulties.