VOLOGDA MACHINE-TOOL PLANT DECLARES BANKRUPTCY

The Vologda Court of Arbitration declared insolvency of Vologda Machine Tool Plant LLC on May 27, 2021. The organization, which has existed since 2007, went bankrupt due to a lawsuit filed by Ustyuggaz company in 2019. By the time of the court decision, the enterprise owed 12.4 million rubles to creditors.  

The Vologda Machine-Tool Plant has existed since 1934. One of the oldest enterprises in the region was traditionally engaged in the production of wood-working machines. However, the state of affairs in production was unstable already in the early 2000s - the plant continued to produce equipment for woodsawing, furniture and chipboard, but interest in the company's products was gradually waning.

As a result, the company went bankrupt several times.

The first bankruptcy, which resulted in the liquidation of the corresponding JSC, took place in 2007.The next organization in the line of insolvent companies managing the enterprise was the Vologda Machine-Tool Plant (LLC). It went bankrupt and was liquidated in 2012. The current bankruptcy is already the third in a row over the past few decades.

Some sources name Irina and Ulyana Shulepova as beneficiaries of the company. They are believed to be members of the family of Yevgeny Shulepov, who was elected to the State Duma.

It is interesting that in the course of the observation procedure, the court established the complete absence of any assets at the enterprise.

The creditor of the organization, the North-West wholesale base, to which a part of the plant's debt to the Ustyuggaz company was transferred under the cession agreement, had to give the court guarantees that the bankruptcy procedure would be paid for. For this purpose, the company agreed to finance the case in the amount of 350 thousand rubles.

But, as the court determined later, such amount would not be enough to pay the costs of bankruptcy procedures (nine months of observation and six months of competition). To solve this problem, the arbitration required creditors to provide the necessary guarantees that the required amounts will be found, otherwise the companies will need to confirm that there is property, through the sale of which these costs will be paid.