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.
APPEAL OVERTURNED BASHKIRAVTODOR'S BANKRUPTCY
The verdict on the insolvency of Bashkiravtodor, issued at the end of July by the Arbitration Court of Bashkortostan (AS RB), could not resist appeal. The 18th AAC, having considered the complaint against the previous decision of the Court of Justice of the Republic of Belarus, issued a decision to return the case to the observation stage. Oleg Rykus, who previously served as the bankruptcy trustee, was approved for the role of interim manager.
This development is not typical. In Russian practice, the cancellation of bankruptcy proceedings is most often associated either with procedural violations or with the fact that the court of first instance drew conclusions without taking into account the position of the key participants in the case. In the situation with Bashkiravtodor, complaints were filed by several parties at once — from the company itself to the Prosecutor's office of the republic and Sberbank, which indicates that there are systemic issues regarding the legality of the decision.
Lawyers point out that an appeal can change the course of a case in two cases.: in case of violation of procedural rules (for example, improper notification of participants or violation of the creditors' voting procedure) and underestimation of the debtor's financial prospects. The cancellation of bankruptcy, experts say, often means that creditors or the owner have managed to show that the company still has a chance to restore solvency.
The social factor plays a special role in cases involving government contractors. The courts take into account not only the balance of interests of creditors and the debtor, but also the consequences for the market and employment. Bashkiravtodor provides thousands of jobs and participates in the maintenance of key infrastructure, so the complete liquidation of the company may lead to a socio-economic imbalance.
Oleg Permyakov, partner of the law firm Rustam Kurmaev and Partners, quoted by RBC, emphasizes: The choice between supervision, external management and bankruptcy proceedings should be based on the objective condition of the debtor. The introduction of bankruptcy proceedings without analyzing the possibility of restoring solvency may be canceled precisely for this reason.
At the same time, statistics show that even after the bankruptcy is canceled, many debtors return to this milestone if real steps are not taken to negotiate with creditors and restructure debts. Exceptions are possible when it is possible to attract an investor, arrange an installment plan, or establish effective external management.
The company's financial performance has not yet shown stability: in 2024, having received 9.6 billion in annual revenue, the organization suffered a loss of 700 million. The republic's Prosecutor's Office additionally recorded serious salary delays — in July of this year alone, the debt reached 121 million. After the intervention of the supervisory authorities and the regulations of the Government, part of the obligations was repaid.
The appeal provided Bashkiravtodor with a legal "second chance." But its successful implementation depends on whether management is able to develop a plan to restore solvency, and creditors agree to compromise settlement mechanisms.
Photo: Freepik
This development is not typical. In Russian practice, the cancellation of bankruptcy proceedings is most often associated either with procedural violations or with the fact that the court of first instance drew conclusions without taking into account the position of the key participants in the case. In the situation with Bashkiravtodor, complaints were filed by several parties at once — from the company itself to the Prosecutor's office of the republic and Sberbank, which indicates that there are systemic issues regarding the legality of the decision.
Lawyers point out that an appeal can change the course of a case in two cases.: in case of violation of procedural rules (for example, improper notification of participants or violation of the creditors' voting procedure) and underestimation of the debtor's financial prospects. The cancellation of bankruptcy, experts say, often means that creditors or the owner have managed to show that the company still has a chance to restore solvency.
The social factor plays a special role in cases involving government contractors. The courts take into account not only the balance of interests of creditors and the debtor, but also the consequences for the market and employment. Bashkiravtodor provides thousands of jobs and participates in the maintenance of key infrastructure, so the complete liquidation of the company may lead to a socio-economic imbalance.
Oleg Permyakov, partner of the law firm Rustam Kurmaev and Partners, quoted by RBC, emphasizes: The choice between supervision, external management and bankruptcy proceedings should be based on the objective condition of the debtor. The introduction of bankruptcy proceedings without analyzing the possibility of restoring solvency may be canceled precisely for this reason.
At the same time, statistics show that even after the bankruptcy is canceled, many debtors return to this milestone if real steps are not taken to negotiate with creditors and restructure debts. Exceptions are possible when it is possible to attract an investor, arrange an installment plan, or establish effective external management.
The company's financial performance has not yet shown stability: in 2024, having received 9.6 billion in annual revenue, the organization suffered a loss of 700 million. The republic's Prosecutor's Office additionally recorded serious salary delays — in July of this year alone, the debt reached 121 million. After the intervention of the supervisory authorities and the regulations of the Government, part of the obligations was repaid.
The appeal provided Bashkiravtodor with a legal "second chance." But its successful implementation depends on whether management is able to develop a plan to restore solvency, and creditors agree to compromise settlement mechanisms.
Photo: Freepik
08.09.2025
