Sergey Bakeshin has provided his comments on an appeal decision to review a case of subsidiary liability

The Commercial Court of the North-Western District has overturned a decision of the St Petersburg and Leningrad Region Commercial Court which refused to impose subsidiary liability on Alexander Kashin for the debts of EnergoCapital Investment Company, a stockbroker which went bankrupt owing around 1.5 billion rubles to creditors. At the same time, the last director and ultimate beneficiary appointed themselves nominal owners along with Aleksandra Kashin – the person who actually controlled the pre-insolvency transactions.

Sergey Bakeshin, head of dispute resolution and insolvency practice at Maxima Legal, representing the interests of one of the affected investors, commented on the position of the court of appeal’s decision for the online publication Novy Prospect. “I consider the resolution to be lawful and justified, many circumstances have remained unexplored, and the courts will now have to study them. As for the evidence, the most interesting for me will be extracts from the accounts in the bank, Aleksandrovsky, in respect of the flow of funds from Energocapital and its counterparties between 2008 to 16. Because it is not fully clear who ultimately received these funds and with whom they eventually remained”, said Sergey.

To read the article in full (in Russian) please see the Novy Propsect website.