Dmitry Uryakin assessed for Delovoy Peterburg the prospects of one of Russia’s largest fish producers contesting the defendant’s liquidation

Dmitry Uryakin - Senior Associate

In 2019, Torgovy Dom Baltiysky Bereg LLC, one of Russia’s largest producers of fish products, assigned to Cage Holding SA (Switzerland) the right of claim against Fish Factory LLC for a total amount of RUB 141.85 m. Under the assignment agreement, the Swiss company undertook to pay the seller a debt of RUB 83.2 m, but failed to perform its obligations. As a result, in August 2020, Baltiysky Bereg applied to the Commercial Court of St. Petersburg and Leningrad region with a claim to recover RUB 123.8 m from Cage Holding SA, including penalties and fines. However, the proceedings have recently been terminated due to the fact that in March 2022 the Swiss company was excluded from the register of legal entities, as evidenced by an extract from the Register of Commerce and Industry of Geneva.

According to Dmitry Uryakin, Associate at Maxima Legal, the St. Petersburg company can challenge the liquidation of Cage Holding SA. “However, challenging the liquidation of the defendant would certainly require Baltiyskiy Bereg to initiate long, expensive and also poorly foreseeable legal proceedings in Switzerland. Therefore, I cannot call these ways effective to obtain money,” the expert explained to the Delovoy Peterburg newspaper.

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