Sergei Bakeshin has commented to Kommersant and RBC on the prospects of the former top manager of the Ust-Luga port filing for bankruptcy

A bankruptcy petition has been filed against Ilya Baskin, a well-known St Petersburg entrepreneur and former Head of Ust-Luga port’s board of directors. The amount of the claim is approximately 17.8 million roubles. According to SPARK-Interfax, the debtor owns several companies in different shares. In addition, as the creditor’s representatives point out, some of Mr Baskin’s assets are registered in the name of his wife and close friends.

Sergei Bakeshin, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, has explained to Kommersant newspapers and RBC  that since Ilya Baskin’s debts exceed 500 thousand rubles, bankruptcy application can be considered reasonable. In this case, the entrepreneur would not be able to dispose of his property independently, including his income. “If the property sale procedure is introduced, the financial manager will have to sell Mr Baskin’s assets and distribute the proceeds among his creditors. If Ilya Baskin and his wife do not have a marriage contract or property sharing agreement, their assets are common joint property and can be foreclosed upon,” Sergei stressed.

To read the full article (in Russian), please see Kommersant newspaper website >>>

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