Kirill Katkov has helped Novy Prospect to understand why the Rostr shipyard may end up bankrupt

Energoservice LLC, which is engaged in the reconstruction and repair of capital construction projects, has filed a bankruptcy petition against Rostr Shipyard from the Leningrad Region.

Kirill Katkov, Associate at Maxima Legal, explained to Novy Prospect online edition that the insolvency petition appears to be based on Energoservice’s claim for recovery of debts under a contract for over 1.2 million roubles, which was previously satisfied by a court in a separate case. The expert added that the defendant’s representative did not appear at the hearing in that case, so its position is unknown. “Refusal to pay for the work is inadmissible unless it is related to the contractor’s failure to fulfil or improper fulfilment of its obligations. As can be seen from the court’s judgement on debt recovery, Rostr signed the acts of work performed without comments, i.e. it has no claims to the scope and quality of work. Given this situation, it is difficult to say what was the reason for the refusal to pay,” Kirill commented.

According to Kirill Katkov, based on publicly available information, in 2023, several decisions were made to recover debts from Rostr under supply and construction contracts. In this regard, one can notice a certain trend in Rostr’s behaviour, evading, according to the courts’ findings, from fulfilling its obligations to counterparties.

At the same time, the course of the case may be affected by the difficult financial situation of the Central Design Bureau Neptun JSC, affiliated with the co-owners of Rostr Shipyard. “Everything depends on how closely interdependent the said companies are in their economic activities. If Neptun has obligations to Rostr, in particular, to pay for orders for the construction of ships, it may be an additional negative factor for the financial position of Rostr”, explained Kirill Katkov.

To read the full article (in Russian) pleasee see Novy Prospect website>>>>