VORONEZH CENTRAL DEPARTMENT STORE WILL BANKRUPT DEVELOPERS

The Stroymarket company filed a bankruptcy claim for a legal entity managing the Voronezh Central Department Stores the other day. Both organizations (both the plaintiff and the defendant) are affiliated with the "House-Building Combine" (DSK), which was established by Senator Sergey Lukin. DSK is the largest regional developer, which manages the Marriott building and the TSUM located in it.

According to sources, for Voronezh, the upcoming trial may turn out to be the first corporate bankruptcy for the entire period of the moratorium established by the Government of the Russian Federation for such cases. Moreover, the organization, apparently, has been strenuously preparing to go through a managed bankruptcy in recent months in order to protect itself from the burden of debts that fell on the company after the start of the military special operation in February 2022.

In May 2022, the Central Department Store published a statement on the rejection of the moratorium. Stroymarket appealed to the arbitration court (ICA at the CCI of the Russian Federation) for a month and a half, demanding to recover 44.7 million rubles from the Central Department Store. The basis was borrowed funds secured by the contract (including penalties and interest). The arbitrator, represented by local lawyer Igor Tatarovich, satisfied the claim, which was subsequently fixed in the Arbitration Court of the Voronezh Region.

Already in September, the management of the Central Department Store applied for the liquidation of the legal entity. The company, which played a significant role in the premium fashion retail market, faced inevitable logistical problems.

The departure of many foreign brands from Russia, the disruption of the supply chains of expensive clothes and shoes forced the company to use the insolvency procedure as quickly as possible. Whether the process itself will turn out to be fast depends on whether "independent" creditors will appear in the case, which no one is waiting for yet. Experts believe that if one of the counterparties unexpectedly appears in the case, claiming independent financial claims, controlled bankruptcy will be disrupted. 

Back in 2020, the Supreme Court of the Russian Federation drew attention to cases when evidence of affiliation between companies is found in the case. 

In such a situation, the figure of the arbitration manager proposed by Stroymarket may not be approved. At the same time, the requirements themselves will not be the first in the queue.

Фото: Изображение от lifeforstock на Freepik