Sergei Bakeshin told Novy Prospect whether the debtor plant will be able to realise property to replenish the bankruptcy estate

Supervision has been introduced at Nikolskiy Oil Regeneration Plant on the application of the Federal Tax Service. The debt of the enterprise amounts to RUB 650 thousand. The debtor’s bankruptcy estate can be replenished by selling its property, including real estate and land plots. However, the plant will not be able to realise it quickly.

“At the moment, the first bankruptcy procedure – supervision – has been introduced against the debtor. Its goals are to ensure the safety of the debtor’s property, analyse its financial condition, draw up a register of creditors’ claims and hold the first meeting of creditors. Therefore, the sale of real estate is still far away,” Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, explained to Novy Prospect online edition.

According to the expert’s assessment, if the auction is conducted without significant violations, the acquisition of the bankrupt’s assets can be considered a low-risk transaction. “Usually such deals are concluded within a month after an auction. But the buyer by law will not be able to get instalments or agree on some alternative form of payment”, Sergei concluded.

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