Sergei Bakeshin commented to Novy Prospect on the situation with the Russko-Vysotskaya Poultry Farm

Sergei Bakeshin - Senior Associate

Leningrad region Governor Alexander Drozdenko announced that the assets of the Russko-Vysotskaya Poultry Farm will be temporarily managed by a Russian investor. This initiative will be considered at the operational headquarters for sustainable development of the region’s economy. It is worth mentioning that earlier the owners of LLC Production Association “Russko-Vysotskaya Poultry Farm”, which carries out economic activity at the enterprise, expressed their intention to stop the production and sell their asset. Their plans were complicated by the fact that the company leases land and poultry houses from “Russko-Vysotskaya Poultry Farm” LLC which is in bankruptcy proceedings. The property complex owned by the bankrupt company was repeatedly offered for sale for 3 billion rubles, but all auctions failed due to lack of bids.

Analyzing the situation the online edition Novy Prospect once again quoted the Head of Dispute Resolution and Insolvency practice at Maxima Legal Sergei Bakeshin who said earlier that “probably the market value of property put up for sale at the auction has had time to increase. Or the beneficiaries of bankruptcy are satisfied with the situation when the property is used by the tenant and, in fact, makes money on it”.

The expert explained that the tenant, like any other person, can pay off all the claims of the debtor’s creditors, become the only creditor and take the property for himself under an amicable agreement or as a compensation.

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