Press centre News

28
December
2015

Regulating the self-regulated

Just before the New Year, the State Duma and the Federation Council presented a gift to the bankruptcy industry – toughening of requirements for liquidators and making bankruptcy proceedings potentially more expensive. Business associations’ experts note that these amendments correspond to the trend to an increasing role being played by the state in the self-regulating sector.

Kommersant. Money
23
December
2015

A Bankrupt Man – A New Year’s Surprise

Many families in Russia have taken on mortgages. One family found itself on the verge of bankruptcy due to a mortgage denominated in a foreign currency. Against the background of this trend, increasingly important is becoming the question of – how do I remain “afloat”, if bankruptcy law shows no mercy to individuals and poorly tolerates uncertainty, while, at first glance, a favourable proposal can tie your hands for a long time.

Kommersant. Money
7
December
2015

The claim to have Mikhail Paramonov declared bankrupt will be considered in December

The Arbitration Court of Rostov Region has accepted for consideration the claim to declare bankrupt Mikhail Paramonov, former owner of TagAZ. The claim was by filed by a subsidiary of Sberbank – the Southern Automobile Group. Mr. Paramonov acted as the guarantor for the loans taken out by this manufacturing plant, and the plaintiff is now trying to recover more than 4 billion roubles from the entrepreneur. A lawyer in the case noted that the defendant's residency status being outside the country could delay this case, but if in the course of the trial, it is proven that Mikhail Paramonov has been evading repayment, he may be declared as bankrupt with unpaid debts.

Gorod N
24
November
2015

Salaries must be paid, even if a company is declared bankrupt

The company was declared bankrupt and is now at the stage of bankruptcy proceedings. However, not all employees have been laid off, and some work is still being performed, but due to a shortage of cash, the wages are being paid irregularly. Should the employer have to pay compensation for salaries that went into arrears during the period of bankruptcy proceedings, or just a percentage, in accordance with Article 236 of the Russian Labour Code, can be paid at the time of final settlement with the staff upon conclusion of the bankruptcy proceedings? – Asks Maria Rotanova via the website tspor.ru.

Trudovye Spory (Labour disputes)
9
November
2015

Parliamentarian suffers through financial bankruptcy

Volgograd Region Arbitration Court has postponed, for one month, the consideration of the claim made by Promsvyazbank Bank against Tatiana Mikheeva, the wife of Oleg Mikheev, State Duma representative from the Fair Russia Party. The bank is seeking to recognize the parliamentarian’s wife as bankrupt. Two cases with similar requirements were previously launched against Mr. Mikheev himself. In one of these cases, the application has already been withdrawn by the plaintiff (private individual), and the consideration of the second case was also postponed. Oleg Mikheev told Kommersant that “in any case, this procedure will take place”, which he considers a “normal economic activity”, and expressed confidence that going through a bankruptcy will not hurt his future political career.

Kommersant (Volgograd)
30
October
2015

Bankruptcy of Transaero: five important figures

As of 26 October, Transaero Airlines lost its air operator certificate, that is, the right to fly. The last flight took place on the night of 25–26 October on the Moscow – Hong Kong route. Passengers, who hold previously purchased tickets, can use them to fly on Aeroflot, which is honouring these tickets.

Slon
27
October
2015

Bankruptcy or salvation: who will win the battle for Transaero?

News about Transaero appears almost every day. Sberbank filed a lawsuit seeking bankruptcy. S7 is buying the company. Transaero is prohibited from flying. Looking at this series of events, it is necessary to understand the main thing: around the sinking carrier, two groups have formed with diametrically opposed interests. Some want to save the company – not out of altruism, but hoping at least to partially recover their debts. Others would benefit from a bankruptcy. The first group is composed of the numerous creditors – from suppliers of on-board blankets to fuel companies, while the second group, in fact, is represented by two players, but these are “heavyweights” – Aeroflot and Sberbank.
Slon
7
October
2015

Oleg Mikheev shown the way out of the credit slavery

Together, several creditors of a State Duma representative of A Fair Russia political party, Oleg Mikheev, submitted to the Arbitration Court of the Volgograd Region claims against him personally and against his wife. Seeking to have the representative declared bankrupt are Zarina LLC and a private individual, while the claim against Tatiana Mikheeva was launched by Promsvyazbank and MOLmant LLC. This is yet one more round of credit disputes and criminal cases, the first of which began in 2007.
Volgograd Pravda.Ru
24
December
2015

Transaero falls into experienced hands

Last week the first stage of the bankruptcy procedure was launched against Transaero Airlines. The Arbitration Court of St. Petersburg granted a bank’s request to place Transaero under external monitoring, and appointed Mikhail Kotov as its interim manager. Mikhail, who has participated in over 30 bankruptcy cases, is a prominent court-appointed receiver.

Gazeta.ru
17
December
2015

Vodokanal is seeking bankruptcy for Yuri Pogiba

Vodokanal Rostov-on-Don JSC is seeking to recognize as bankrupt, individual entrepreneur Yuri Pogiba. The debt was created as charges for connecting two residential buildings in the Leninsky District of Rostov.

Gorod N
3
December
2015

Oleg Mikheev enters insolvency

Yesterday, the Arbitration Court of the Volgograd Region began bankruptcy proceedings against the regional leader of the Fair Russia Party and State Duma parliamentarian Oleg Mikheev. The claim to have Mr. Mikheev declared bankrupt was filed with the regional arbitration court by Zarina LLC. The total amount of claims against the parliamentarian, according to the Court documents, could reach 9.5 billion roubles. According to the experts, Mr. Mikheev will attempt to “write of” the majority of his debts.
Kommersant (Volgograd)
20
November
2015

Experts warn about the “pitfalls” of the law on taking away a business from debtors

The Russian Ministry of Economic Development is preparing draft amendments to the bankruptcy law, which would give creditors the right to take over a corporate debtor by the forced conversion of their debts into shares, writes the newspaper Vedomosti, citing three officials and businessmen involved in the discussion of this document.

Pravo.ru
9
November
2015

A bankrupt man: the last hope

“Money” continues to follow the story of a Moscow family, caught in a no-win situation with a foreign currency mortgage. Our heroes are thinking – should they turn to the courts with a lawsuit against the bank – in order to avoid bankruptcy.

Kommersant. Money
29
October
2015

LUKOIL extracted debt

Structures of Gazprom and Lukoil, which are the main creditors of the municipal enterprise Volgograd Communal Services, which had declared bankruptcy, have announced that there were procedural violations in the launching of bankruptcy procedure, and warned about the possible negative consequences due to this process during the heating season in Volgograd. At city hall, they claimed the opposite, calling this bankruptcy a “financial restructuring”. According to observers, in the course of the bankruptcy, the authorities are going to get rid of part of the accumulated debts of this municipal unitary enterprise. What is more, the city administration is not hiding its plans for the subsequent transfer of the property of Volgograd Communal Services into long-term management by a private company. Mikhail Zimin, general director of LUKOIL-Volgogradenergo LLC believes that the authorities hope to repeat “the former scenarios of getting rid of debts”, at a time when they could have provided financial assistance to Volgograd Communal Services, and thus prevented it from going into bankruptcy.

Kommersant (Volgograd)
9
October
2015

Deputy defaulted

Former leader of the Bashkir Branch of the Liberal Democratic Party of Russia, Ivan Sukharev, is facing bankruptcy.

Kommersant (Ufa)
7
October
2015

Airport will be checked for profitability

A former minority shareholder of the Volgograd International Airport OJSC is disputing, in Arbitration Court, the transfer into lease of land with an area of almost 11,000 sqm and two airport terminal buildings. The plaintiff believes this transaction is unprofitable for shareholders and has already carried out a judicial examination. However, observers note that here we are talking about the typical redistribution of assets within a group of companies, and the minority shareholder’s actions look like common blackmail.
Volgograd Pravda.Ru
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