Sergei Bakeshin has commented for Novy Prospect on the attempt to declare the company managing Pyaterochka retail chain bankrupt

Voronezh-based Soyuz LLC filed a bankruptcy petition against Agrotorg LLC, which operates Pyaterochka retail chain.

Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, reminded Novy Prospect that the amount of Agrotorg’s capital and retained earnings at the beginning of last year totalled almost RUB 77 bn, which indicates the company’s financial stability.

“The size of Soyuz LLC’s claim is less than RUB 9 mn rubles. By the standards of Agrotorg LLC, it is pennies,” the expert added.

According to him, Soyuz LLC has no right to apply to a commecial court for bankruptcy of Agrotorg LLC, as the debt of the latter is not confirmed by an effective judicial act.

In the notice of intention Soyuz LLC refers to the fact that it acquired the claim from TD Alev LLC. The latter has twice applied to the court with claims against Agrotorg LLC. The first one was returned, the second one was left without consideration. Soyuz LLC itself filed a lawsuit with the court at the end of last year to recover from Agrotorg LLC the same amount that is mentioned in the message on Fedresurs (Unified Federal Register of Legally Significant Information on Facts of Activity of Legal Entities, Individual Entrepreneurs and Other Subjects of Economic Activity).

“It appears that Agrotorg will dispute this debt and therefore not extinguish it. Filing for bankruptcy is an attempt to force the defendant to repay the debt through endangering its business reputation. I assume that Agrotorg LLC itself in the future will sue Soyuz LLC for reputational damage”, Sergei Bakeshin suggested .

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