RusBankrot
We know everything about bankruptcy
05/12/2025
Friday
THIS DAY IN HISTORY:
5 December 
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
5 December
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
A court in Russia has recovered almost 1.2 million euros from a Spanish bank and developer
The St. Petersburg Arbitration Court (AC of St. Petersburg and Leningrad Region) has made a decision that affects the interests of Spanish structures. One of them is a Spanish bank, which ranks fifth in the country in terms of assets. The court's decision also affects the developer company.
The story began with the bankruptcy of Maxim Nikitin, a former founder of a construction company and participant in other commercial projects. Due to his recognition as insolvent, control over his property passed to Dmitry Kovtun, who was approved for the role of financial manager seven years ago.
But three years after that, it became known that Nikitin, despite legal restrictions, had issued a power of attorney to his friend, which allowed him to sell real estate in the Spanish city of Altea. The object of the transaction included a 420 sq. m. house. meters and a plot of land of about 2100 sq. m. meters. The amount was just over ˆ600 thousand.
Most of the amount – ˆ561.6 thousand – went to pay off the mortgage, and ˆ 40 thousand was received by Nikitin. But, as the court found, the market value of the transaction object at that time was more than twice the amount specified in the contract. The transaction was completed after the debtor was declared bankrupt, that is, the object should have been included in the bankruptcy estate.
Kovtun appealed to arbitration, which satisfied the claim of the bankrupt financial manager Maxim Nikitin. The sale of land and houses in Spain was cancelled. Now the decision of the Russian court must be enforced by the relevant structures of the Spanish state, to whose jurisdiction the judicial act was sent. It affects Banco de Sabadell S.A., one of the country's leading credit institutions.
Experts call the situation indicative: the power of attorney was issued already as part of the bankruptcy procedure, without the participation of the manager, and the property was sold at a price below the market. At the same time, the counterparties in Spain did not properly verify the status of the principal, which allowed the transaction to be completed. All this gave the court grounds to invalidate the alienation.
The arbitration satisfied Kovtun's application back in October last year. The bank must pay ˆ561 thousand. A slightly larger amount (ˆ598 thousand) should be paid by the developer company Sabadell Real Estate Development S.L. The court's petition was sent to the judicial authority of Spain so that the decision of the Russian court would be executed.
Experts emphasize that it can be difficult to achieve real recovery from foreign defendants. But the manager may try to foreclose on assets in Russia, if any, or file claims against the notary who issued the power of attorney.
Photo: Freepik
The story began with the bankruptcy of Maxim Nikitin, a former founder of a construction company and participant in other commercial projects. Due to his recognition as insolvent, control over his property passed to Dmitry Kovtun, who was approved for the role of financial manager seven years ago.
But three years after that, it became known that Nikitin, despite legal restrictions, had issued a power of attorney to his friend, which allowed him to sell real estate in the Spanish city of Altea. The object of the transaction included a 420 sq. m. house. meters and a plot of land of about 2100 sq. m. meters. The amount was just over ˆ600 thousand.
Most of the amount – ˆ561.6 thousand – went to pay off the mortgage, and ˆ 40 thousand was received by Nikitin. But, as the court found, the market value of the transaction object at that time was more than twice the amount specified in the contract. The transaction was completed after the debtor was declared bankrupt, that is, the object should have been included in the bankruptcy estate.
Kovtun appealed to arbitration, which satisfied the claim of the bankrupt financial manager Maxim Nikitin. The sale of land and houses in Spain was cancelled. Now the decision of the Russian court must be enforced by the relevant structures of the Spanish state, to whose jurisdiction the judicial act was sent. It affects Banco de Sabadell S.A., one of the country's leading credit institutions.
Experts call the situation indicative: the power of attorney was issued already as part of the bankruptcy procedure, without the participation of the manager, and the property was sold at a price below the market. At the same time, the counterparties in Spain did not properly verify the status of the principal, which allowed the transaction to be completed. All this gave the court grounds to invalidate the alienation.
The arbitration satisfied Kovtun's application back in October last year. The bank must pay ˆ561 thousand. A slightly larger amount (ˆ598 thousand) should be paid by the developer company Sabadell Real Estate Development S.L. The court's petition was sent to the judicial authority of Spain so that the decision of the Russian court would be executed.
Experts emphasize that it can be difficult to achieve real recovery from foreign defendants. But the manager may try to foreclose on assets in Russia, if any, or file claims against the notary who issued the power of attorney.
Photo: Freepik
18.08.2025
