Sergei Bakeshin has commented on the insolvency of a manufacturer of energy equipment Zvezda-Energetika

Sergei Bakeshin Senior Associate

At the end of March, the tax inspectorate froze the accounts of Zvezda-Energetika JSC, a major Russian manufacturer of energy equipment, among whose customers are Gazprom, Lukoil, Rosneft and other leading Russian companies. The freezing of funds stopped the company from paying off more than 1 billion roubles in debts with some creditors already petitioning for insolvency of the company.

Head of the Insolvency Practice at Maxima Legal, Sergei Bakeshin, told the independent online newspaper, that Zvezda-Energetika is successfully using the old insolvency case as a way to defer payments while the case of one creditor is being considered, others are waiting in line. Allowing it to calmly and gradually repay its debts.

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