Sergei Bakeshin has commented for Novy Prospect on the acquisition of rights of claim and property of the debtor plant by different companies

Vsevolzhskiy zavod allyuminievih splavov (Vsevolozhsk Aluminium Alloys Plant) LLC has completed bankruptcy proceedings. The material assets and rights of claim of the plant were acquired by various companies as part of the bankruptcy proceedings. In particular, the rights of claim to Zeppelin Rusland LLC, Unitok LLC and other companies totalling  around RUB 248,000 were purchased by Konmash CJSC. The claims to REMZ LLC, PAKO LLC and NZCM LLC  in the amount of  RUB 18.2 mn were transferred to Sudebno-Yuridicheskiy Centre LLC. Equipment for metal processing – a complex of machine tools, compressors, gas analysers and so on – was purchased by PEC LLC for RUB 64.3 mn.

“Selling things (fixed assets, materials, inventory, etc.) and rights of claims (receivables) in different lots and, as a result, to different buyers is a normal practice,” Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, explained to Novy Prospect online edition.

According to the expert, those who are engaged in accounts receivable collection, factoring, collection activities, etc. are usually interested in acquiring receivables (regardless of the debtor’s industry). A metal recycling company is usually not interested in other people’s debts, and may not even have the funds to buy them.

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