Sergei Bakeshin has assessed the effectiveness of seizure of Intertorg property in a case with Sberbank

Sergei Bakeshin - Counsel

The Commercial Court of St Petersburg and the Leningrad Region seized the property of Trading House Intertorg, which managed the Spar and Narodnaya 7ya Semya retail chains. Interim measures apply to movable and immovable property of the company and rights to it, as well as to funds in accounts for about 500 million roubles. The initiator of the claim was Sberbank, with the value of the debt of Intertorg exceeding 8 billion roubles.

As explained to RBC Petersburg by Head of the Dispute Resolution and Insolvency practice at Maxima Legal, Sergei Bakeshin, the likelihood of the full repayment or restructuring of the debt is small. The seizure of Intertorg’s property gives Sberbank a chance to at least partially satisfy its claims.

To read the full article (in Russian) please see the website of RBC Petersburg >>>