Dmitry Uryakin has commented for Mashnews on the Ministry of Industry and Trade’s attempt to challenge the sale of the bankrupt plant’s production complex

Dmitry Uryakin - Senior Associate

The Ministry of Industry and Trade demanded that results of the auction for the sale of the bankrupt Machine-Building Plant under named after F.E. Dzerzhinsky in Perm, be declared invalid. The plant had been purchased by PSK Spetsproektstroy at a price five times lower than the starting one. Due to the fact that by the time the Ministry of Industry and Trade filed an application for cancellation of the auction results and interim measures in the form of a ban on entering into a purchase and sale agreement based on the results of the auction in the form of a public offering, the agreement with the winner of the auction had already been concluded. So, the Ministry’s claims were partially dismissed. The possibility of terminating the sale and purchase agreement for the plant will be considered on 19 June, 2023.

Dmitry Uryakin, Senior Associate, Head of General business law practice at Maxima Legal, told Mashnews media that although the Ministry of Industry and Trade was denied the interim measures, it may file a repeated motion with the court to that effect. According to the expert, the Ministry may ask the court to prohibit the bankruptcy trustee of the plant to carry out actions aimed at the execution of the agreement and Rosreestr to register the transfer of ownership of the facilities which are part of the sold plant.

To read the full article (in Russian) please see Mashnews website>>>