Sergei Bakeshin has commented on an attempt by the creditors of Trading House Intertorg LLC to change an administrator

The largest creditors of TD Intertorg LLC, which developed the Semya and Spar chain stores in St Petersburg and the Leningrad Region, are trying to appeal against the appointment of Sergey Bezrukikh as administrator by the court. The candidacy was proposed by the Moscow supplier of juice, mineral water and soft drinks Garant LLC, which was the first to apply to the court to declare the retailer insolvent.

The creditor has one advantage in being the first to petition for insolvency, it can select the administrator, explained the Head of the Dispute Resolution and Insolvency practice at Maxima Legal, Sergei Bakeshin, to Novy Prospect.

In his opinion, there is no reason to replace the administrator, “unless other creditors prove that Garant LLC is affiliated with TD InterTorg LLC. This is a fair and fairly common practice, which is aimed at preventing abuse by creditors affiliated with the debtor. When a creditor affiliated with a debtor buys out the claim of the first creditor it can offer its manager control over the insolvency procedure”, Sergei commented.

To read the article (in Russian), please see the Novy Prospekt website >>>