Sergei Bakeshin has commented for Novy Prospect on the termination of bankruptcy proceedings at the dairy farm

Sergei Bakeshin - Counsel

Bankruptcy proceedings was recently ended regarding Novoye Vremya, the company running the dairy farm of Ruchyi breeding farm.

Sergei Bakeshin, Head of Dispute Resolution & Insolvency practice at Maxima Legal, explained to Novy Prospect online publication that the bankruptcy proceedings were terminated due to the debtor’s lack of sufficient funds to cover legal expenses for bankruptcy proceedings, including expenses on remuneration to the bankruptcy trustee. According to the expert, an inventory was taken at the company, but no property was found.

At the same time, 58 million rubles in arrears for construction work at Novoye Vremya dairy farm served as the basis for the bankruptcy petition filed directly against Ruchyi breeding farm.

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