Sergei Bakeshin has commented on the insolvency of Ulmart for RBC

LLC Ulmarket, the company to which in 2017 the owners of Ulmart transferred all operating activities, has filed for insolvency. In 2019, against the backdrop of a persistent drop in turnover, the online retailer owed suppliers more than half a billion roubles.

The Head of the Dispute Resolution and Insolvency practice at Maxima Legal, Sergei Bakeshin, explained to RBC Petersburg that the debtor, who filed for insolvency, does not gain control over this process, for example, it cannot propose an administrator. According to Sergey, it will be difficult for Ulmarket’s creditors to expect that a substantial part of their claims will be satisfied. “If Ulmarket had financial resources, it would try to come to an agreement with creditors and not initiate its insolvency”, Sergei said.

Ulmart still owns one other legal entity, LLC Ulpleys, which has not yet filed for insolvency. If Ulmart cannot attract a large investor, then most likely Ulpleys will also go into insolvency, Sergei Bakeshin believes.

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