Sergei Bakeshin has commented on the dismissal of the billionaire bankruptcy case for the DP

Sergei Bakeshin Senior Associate

The Commercial Court of St Petersburg and the Leningrad Region dismissed the bankruptcy proceedings against billionaire Mikhail Zingarevich, initiated by the DOM.RF bank in January. In March, the bank tried to seize the businessman’s property, and in July the process was suspended due to the possibility of a peaceful settlement.

Sergei Bakeshin, Head of Dispute Resolution and Bankruptcy Practice at Maxima Legal, explained to the Delovoy Petersburg that the bankruptcy proceedings may be terminated due to the payment of debt or the refusal of the applicant’s creditor to withdraw its claim. An amicable agreement in a bankruptcy case may be entered into not earlier than the first meeting of creditors, that is, after the first bankruptcy proceedings have been instituted.
In the absence of the published full court’s decision, Sergei suggested that “judging by available information, the DOM.RF may have ceded its claim to L-Industria, which, in turn, refused the application to declare Mikhail Zingarevich bankrupt.

To read the full article (in Russian), please see the Delovoy Peterburg website >>>