Sergei Bakeshin has evaluated for RBC the prospects of a legal dispute over the recovery of more than 1 billion roubles from a developer

Sergei Bakeshin Senior Associate

The company Terra Nova is trying to recover more than 1 billion roubles from developer Seven Suns Development resulting from a purchase in 2018 of 6 hectares on Vasilievsky Island in St Petersburg.

According to Sergei Bakeshin, the Head of the Dispute Resolution and Insolvency practice at Maxima Legal, the cadastral value of the land plots that caused the dispute exceeds 1.3 billion roubles. Sergey explained to RBC Petersburg that the trial began in October. “If the debtor has property, then legal proceedings will be an effective mechanism for the return of funds. Depending on negotiations, the parties may well reach a settlement. If the parties do not come to a compromise, then insolvency proceedings cannot be ruled out”, explained Sergei.

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