Sergei Bakeshin commented for Novy Prospect on retention the property of the bankrupt Unisto-Petrostal Group in favour of the pledge creditor

Sergei Bakeshin - Counsel

Zvezda company (owned by Artem Begun, a business partner of well-known St Petersburg businessman Ilya Traber), has decided to keep Murinsky construction plant and Michur Inn hotel. The property previously belonged to the bankrupt Unisto-Petrostal group. In spring 2022 Zvezda acquired about 1.5 billion roubles of Unisto Petrostal group`s debt owed to Sankt-Peterburg Bank 

Sergei Bakeshin, Counsel and Head of Dispute Resolution & Insolvency practice of Maxima Legal’ ctice, explained to Novy Prospect online edition that the procedure for selling pledged property and its initial price is determined by a pledgee, who can keep the property if it has not been sold at a repeated auction. “If the assets are liquid or are of some interest to the creditor, the latter is highly likely to keep them,” the expert commented.

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