Sergei Bakeshin has commented for NP on the bankruptcy of Plant named after Filatov

Pharmaceutical Plant named after Filatov is in bankruptcy proceedings. In 2022, external management was introduced at the plant, and in early 2023, the Commercial Court of St Petersburg and the Leningrad Region granted the application of Dialog LLC on its intention to repay the claims of the company’s creditors in the amount of RUB 1.2 bn. The consideration of the case, which could have resulted in the termination of the bankruptcy procedure of the plant, took place at the end of January. However, as follows from the case materials, Dialog LLC has not repaid the debts of Plant named after Filatov.

“In this case, the prolonged consideration of the results of repayment of claims (the relevant meeting was postponed many times), while they were never repaid, could be a way to delay the case,” Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, suggested.

“Dialog LLC is not the only company that applied with a statement of intent to settle the claims of creditors of Plant named after Filatov. The same intention was expressed by SUEER JSC. Its application was satisfied in early January, and then the company itself filed an appeal against the relevant definition. “As a result, the court refused to recognise the claims as extinguished,” the expert told Novy Prospect online publishing.  

“It can be assumed that the work of the plant has been going on all this time, and the profit from it is being made by the persons controlling the bankruptcy procedure. If so, they are not interested in the completion of bankruptcy and, accordingly, in the termination of such work,”  Sergei explained.

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