Sergei Bakeshin commented for Novy Prospect on the intention of a third party to settle the claims of creditors of a debtor pharmaceutical plant

The pharmaceutical plant under the name of Filatov, in relation to which the bankruptcy receivership procedure was introduced last year, is emerging from bankruptcy. The Moscow-based Dialog LLC, which is engaged in wholesale trade, has expressed its intention to repay all claims of the debtor’s creditors in the amount of RUB 1.2 bn. The corresponding application was granted by the Commercial Court of St. Petersburg and Leningrad Region.

Sergei Bakeshin, Counsel, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, told Novy Prospect that on 31 of January the court is scheduled to consider the results of the satisfaction of the creditors’ claims by Dialog LLC, and if the repayment takes place, the bankruptcy proceedings will be terminated. The funds to be transferred by Dialog LLC will be considered an interest-free loan granted to the debtor.

At the same time, the expert noted that the situation when a formally unaffiliated third party repays creditors’ claims is quite rare. Creditors may object to such repayment and appeal against the relevant court ruling, but they have little chance of success, since their interest is in the repayment of claims.

Sergei Bakeshin suggested that there was an investor who wanted to take the plant out of bankruptcy proceedings. According to him, theoretically, such an investor could be the owner of the plant, but he would most likely act on his own behalf, without involving a third party.

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