Sergei Bakeshin has commented to Kommersant on the prospects of bankruptcy of the co-owners of Unisto Petrostal Group of Companies

Bank Saint Petersburg has started bankruptcy proceedings against the president and main owner of Unisto Petrostal Group of Companies, Vladimir Oksman, as well as former co-owners of the group, Igor Tolstykh and Olga Pokrovskaya. All of them acted as guarantors for loans of Unisto Petrostal Group of Companies for a total amount of 1.5 billion roubles. In 2018, the group began to encounter financial difficulties, following which it sold and dissolved most of its assets and companies that are not involved in housing construction.

The Head of the Dispute Resolution and Insolvency Practice at Maxima Legal, Sergei Bakeshin, called the presentation of requirements for guarantors economically viable solution. Sergey recalled that, according to statistics, in the event of the insolvency of a legal entity, an average of about 5% of creditors’ claims are satisfied. In addition, Sergei explained to Kommersant newspaper that it would be difficult for the Bank of Saint Petersburg to fully recover debts from the Unisto Petrostal group of companies, since “special rules on the insolvency of developers are aimed at pre-emptively protecting the rights of individuals with interests in developments”.

The guarantor may face restrictions on selling property, restrictions on the use of bank accounts (the amount that a bankrupt person has the right to hold may not exceed 50,000 roubles a month), contesting previously completed transactions, and a ban on travel outside the country damaged by credit history, a ban for three years after bankruptcy proceedings to hold any position in the management bodies of legal entities, Sergei Bakeshin listed.

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