TSAR’S FAMILY COMPANY IS SUBJECT TO DELIBERATE BANKRUPTCY PROCEDURE

The Tsar’s Family Company of Yekaterinburg, which was engaged in sewing clothes and accessories for the Russian Orthodox Church, is suspected of deliberate bankruptcy. This assumption was made by the bankruptcy trustee Eduard Chu after analyzing the deals that the company has concluded in recent years. 

The company was founded in August 2011. According to official data, 7 employees worked for it.

Despite the fact that the company's annual revenue in 2015-2017 grew, having increased from 2.6 million to 3.44 million rubles, the company turned out to be unprofitable in 2018 (with revenue of 3.22 million rubles).

In March 2020, the organization announced its liquidation at the initiative of its beneficiary Natalya Surkova. In June the company was declared bankrupt at the claim of its supplier Igor Adabashyan. The Tsar’s Family owed him more than 8.1 million rubles and never paid the money for the products.

After studying the documentation, the manager found out that the insolvency could have arisen deliberately. The contracts signed by the management of the organization ran counter to the economic situation on the market. For example, in the most unfavorable period for a sewing enterprise, its owner received 2.3 million rubles. She received them as a debt repayment, however, the documents confirming the fact of receiving borrowed funds has not been found.

At the moment, the company's website is not functioning, and publications on the social media are abandoned. However, the company had previously gained fame as an art workshop, embroidering fabrics for special orders. The company was engaged in the design and sewing of ceremonial clothes for the priests of the Russian Orthodox Church, and embroidery of religious ornaments.

Many high-ranking state officials, such as German Chancellor Angela Merkel and former head of the government Dmitry Medvedev, received gifts made by the employees of the Tsar's Family.

A photograph of a two-headed eagle rug made by the Tsar's family in 2015 was posted by many media. The rug itself was then placed under the feet of the Patriarch of the Russian Orthodox Church, Kirill.