Sergei Bakeshin has commented for Novyi Prospect on the purchase of claims from the Bank Saint-Petersburg to the bankrupt companies of Unisto Petrostal group for a total amount of about 1.5 billion RUB

The company of Artem Begun, co-owner of Promconsultinvest legal company and business partner of the St Petersburg businessman Ilya Traber, plans to buy debts of bankrupted companies of Unisto Petrostal development group for a total amount of about 1,5 billion RUB from Bank Saint-Petersburg. Zvezda LLC owned by the lawyer has already purchased the debts of Belye Noi Deskon LLC and became its legal successor in the register of creditors at the end of May. The company expects to receive the same status in bankruptcy proceedings of other affiliated with Unisto Petrostal companies as well as the main owner of the group Vladimir Oksman and his former partner Olga Pokrovskaya.

Sergei Bakeshin, Head of Dispute Resolution & Insolvency practice at Maxima Legal, explained to Novy Prospect online edition that filing an application on procedural succession to court means that the claim has passed to a new creditor. The expert explained, however, that the assignment agreement may stipulate a delay in payment, so the financial closing of the transaction may not have taken place yet.

According to Sergei, reasons for the sale of debts by banks may be different. “Sometimes banks want to write off “bad” debts from their balance sheets by transferring them to a company that acts as a debt center. Sometimes an active position of a creditor makes other interested parties, including those affiliated with the debtor, pay off the creditor and redeem the claim belonging to him. Sometimes the debtor itself initiates debt restructuring. Sometimes a third party, having information on the debtor’s assets and expecting to have access to it, has an interest in the debt,” he listed.

Besides, Sergei Bakeshin drew attention to the fact that since a part of the debt claims of the Bank Saint-Petersburg is secured by the pledge of property, the new creditor will at least have an opportunity to control the way the assets are disposed. If the assets are not sold at the auction again, he has an opportunity to become their owner.

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