Dmitry Uryakin has commented to the Novy Prospect on a bankruptcy dispute in connection with the non-payment of 5.5 billion rubles on a loan

Bank Saint Petersburg initiated bankruptcy proceedings against Talion company (an asset of billionaire Alexander Yebralidze), which had acted as a guarantor of its subsidiary in connection with a 5.5 billion rubles loan. Companies own a complex of buildings in the historical center of St Petersburg, including Taleon Imperial Hotel building, putted up for sale for 7.3 billion rubles.

According to Dmitry Uryakin, an associate at Maxima Legal, the bank benefits from the bankruptcy procedure and will not keep the assets of Talion. “The amount of Talion’s debt is quite large. The debtor itself has not been able to sell the disputed property for the last 10 years. Perhaps, the bank is afraid of the same problem and does not want to take the building,” the expert explained to the Novy Prospect online publishing.

At the same time the bank still has options to recover the debt without introducing bankruptcy proceedings. As Dmitry mentioned, the bank may continue imposing financial penalties on the amount of outstanding claims of Talion, which will only worsen the already precarious financial condition of the debtor.

However, the lawyer noted that the bank, “as a bankruptcy creditor, will have an opportunity to dispute the debtor’s asset withdrawal transactions and file an application with the court to bring the persons controlling Taleon to subsidiary liability».

To read the full article (in Russian) please see the Novy Prospect website >>>