Sergei Bakeshin has assessed for Kommersant and RBC the impact of interim measures against the investor on the listed building

Sergei Bakeshin - Counsel

Commercial court of St Petersburg and Leningrad Region forbade the winning bidder for the Konyushennoye Vedomstvo building to reconstruct the building. Interim measures were imposed on an application by a company seeking a review of the results of the auction to lease the listed building to the investor. The plaintiff insists that starting reconstruction of the building before the dispute is resolved will cause it damage in the form of lost profits.

According to Sergei Bakeshin, Head of Dispute Resolution & Insolvency practice at Maxima Legal, the absolute grounds for interim measures are not obvious, as the subject of the dispute is legality of the auction, not the real estate. “If the auction is declared invalid the Konyushennoye Vedomstvo building will be returned to the city administration and the winner of a new auction will get it. However, the chances of lifting the ban seem rather high as authorities of St Petersburg already want to pass the costs of conservation of this architectural monument to the tenant,” explained the expert to Kommersant newspaper and RBC. 

To read the full article (in Russian) please visit  Kommersant`s website >>>

To read the full article (in Russian) please visit RBC`s website >>>