Sergei Bakeshin has assessed for Novy Prospect the likelihood of a pharmaceutical company going bankrupt

Personnel Group has initiated the bankruptcy of Firma Medpolymer, a major player on the Russian pharmaceuticals market.

Firma Medpolymer had already received bankruptcy petitions, but the case ended in an amicable settlement. Sergei Bakeshin, Head of  Dispute Resolution and Insolvency practice at Maxima Legal, reminded the online edition of Novy Prospect, the claims of many creditors remained unresolved. For example, Minbank objected to the amicable agreement, appealed against the ruling approving it and is now trying to reopen the bankruptcy case against Firma Medpolymer. In addition, Firma Medpolymer’s main creditor, ESTMedikal, is in the surveillance procedure, which has applied for external administration proceedings against Firma Medpolymer’s former owner, Eskom Research and Production Company.

“It is likely that all these three bankruptcies are intertwined into a complex knot, and actions taken in one procedure may affect the other procedure in one way or another,” stressed Sergei Bakeshin. According to the expert, the possibility of Firma Medpolymer’s bankruptcy largely depends on the size of the Minbank’s claim and whether the debtor will be able to repay the debt and fulfil the terms of the amicable agreement that ended the past bankruptcy. Previously, the Minbank claimed RUB 1.5 billion. “Apparently, the bank has some other claims against the debtor, but their amount is still unknown,” Sergei noted.

To read the full article (in Russian) please visit Novy Prospect website >>>