Sergei Bakeshin has told Kommersant about the possible consequences of declaring bankrupt another company of billionaire Alexander Ebralidze’s group, which owes more than RUB 40bn

Sergei Bakeshin - Counsel

Bank Saint Petersburg was able to secure the bankruptcy of Talion JSC, part of the eponymous group of companies of St Petersburg billionaire Alexander Ebralidze. The total amount of Talion group of companies’ debts to creditors is RUB 44.4 billion. Talion’s assets were valued at only RUB 6.9 billion at the end of last year. In addition, the company together with the already insolvent Eliseev Palace Hotel LLC owns a part of the luxury hotel Talion Imperial located in the centre of St Petersburg, which is to be sold at auction.

“If no agreement can be reached with the creditors, the sale procedure will be followed by the liquidation of the debtor. Besides, some deals of the debtor can be challenged, and those who control the debtor (top managers, shareholders, beneficiaries) can be brought to subsidiary liability”, Sergei Bakeshin, Head of Dispute resolution & Insolvency practice at Maxima Legal explained to Kommersant newspaper.

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