Meanwhile, Kontrax Holding Rt, the Hungarian computer distribution firm which recently filed bankruptcy papers for its six key subsidiaries in a last ditch effort to stall for time and reach an agreement with its creditors, has been forced to hand over its office building to Postabank, which now plans to rent out the property. Controll Rt, which was Hewlett-Packard Co’s partner in the country until last summer when Hewlett bought out its joint venture with the firm and stripped it of its distribution rights, has also filed for bankruptcy with debts of $15m after negotiations with creditors collapsed. Microsystem, Kontrax and Controll were the first major privately-owned distribution firms to emerge in the period of liberalisation leading up to the fall of Communism in Hungary; they were subsequently joined by Albacomp Kft which also assembles in the country and currently appears free from similar troubles.
