Sergey Bakeshin has commented on the insolvency of an agricultural holding

Canadian supplier of agricultural products, Ronald A. Chisholm Limited has petitioned for the insolvency of OOO Kontsern Pulkovsky, which owns three pig farms in the Leningrad and Novgorod regions.  Both companies include Nathan Hunt in their management.

As part of an article for Delovoy Peterburg, Senior Associate and Head of the Dispute Resolution Practice at Maxima Legal, Sergey Bakeshin, explained the situation.

“Based on the information provided to the commercial court, Pulkovsky was due to pay almost 300 million roubles in taxes, not including penalties and fines.  In February the company unsuccessfully sought to challenge this debt.  Perhaps quite reasonably for the company, rather than wait for the Federal Tax Service to initiate insolvency proceedings, a ‘friendly’ creditor has instead begun proceedings” comments Sergey. According to Sergey such an approach allows the creditor to appoint a more favourable administrator and to retain greater control over the situation.

To read the full article, please click here.