Azov Grain Company declares bankruptcy

An insolvency petition against Azov Grain Company LLC was filed with the Arbitration Court of the Rostov Region. The claim is based on the presence of debts in the amount of over 1 billion rubles.  The debtor initiated the procedure on his own, but the creditors are likely to appear soon.

At the moment, the claim has already been accepted for consideration, the issue of its validity will be considered at a session at the end of November.

The company was established five years ago, but the Moscow Industrial Bank JSC has been the only member of the company since this summer. The potential debtor grows and sells grain crops.

It is interesting that two years earlier, the bank, which is currently the only participant in the potential debtor company, had already taken measures to declare its bankruptcy.

Then the case was tied with the debt in the amount of 9 million rubles.  However, in the process of considering the application, the creditor abandoned his claims, and the court terminated the proceedings.

Now the company itself has made a decision to declare insolvency, but the reasons for such a radical decision have not yet been reported.