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CHINESE ZOTYE AUTO IS ON THE WAY TO BANKRUPTCY

The crisis that took place at the Chinese company Zotye is escalating to bankruptcy. Local media report that the company is currently trying to undergo reorganization, but the question of the future existence of the trademark has not yet been resolved. Founded in 2005, the company is famous for its ability to create clones ...

SUPREME COURT OF RUSSIA: CREDITOR MAY MISS THE STATUE OF LIMITATIONS OF PENALTY PAYMENT IN BANKRUPTCY

The Highest court considered the case on the inclusion of the debt for the payment of a penalty for failure to fulfill the main obligation in the register of creditors’ claims. The amount of the debt, from which the penalty was calculated, was already in the register, but the lower authorities rejected the claim, citing the running of the statute of limitations. It should be noted that the debt and the penalty on it arose from the obligations of the transport expedition. The debtor, who was subsequently...

THE SUPREME COURT OF RUSSIA CLARIFIED WHEN BANKRUPTCY TRUSTEE IS NOT LATE TO DEMAND A PAYMENT OF REMUNERATION

The Economic Board considered the complaint of the bankruptcy trustee of debtor, whose claim for payment of remuneration was consistently denied by the courts due to missing the procedural deadline. At the same time, the highest court saw no grounds for this, indicating that in the case under consideration,...

AMERICAN E-SCOOTER STARTUP FILES FOR BANKRUPTCY

One of the first San Francisco electric scooter companies, Skip Transport Inc., filed for insolvency (in accordance with Chapter 7 of the US bankruptcy law). This means that the company will have to sell all of its assets to pay off the debts. The application, in which the debtor's former CTO Mohit Wadhera is listed as the debtor's representative, was filed in the Northern District of California....

BUSINESS OF RUSSIAN FUNERAL SERVICES IS ON THE VERGE OF BANKRUPTCY

... statistics, inevitably should have increased the revenues of ritual agencies. However, it turned out that Russians are in no hurry to raise their expenses for funeral services. Moreover, the representatives of the ritual business are talking about possible bankruptcy of their enterprises. The main reasons are the savings of citizens on memorial and other services, fear of infection, the departure of a significant part of the business to the ‘gray’ zone and a general decrease in the level of income. Anton ...

COMPENSATION FOR A MORAL DAMAGE FOR MURDER MAY BE EXCLUDED FROM BANKRUPTCY ESTATE

The Economic Board considered a case on the exclusion of moral damage, recovered in favor of the debtor, from the bankruptcy estate. The amount of payment was 1 million rubles, and its basis was the murder of the daughter of a bankrupt. As a result of the crime, the court not only sentenced the murderer to imprisonment, but also recovered from him a compensation ...

BETEVÉ TV COMPANY OF CATALONIA IS ON THE VERGE OF BANKRUPTCY

The TV channel of Barcelona is in a state of financial crisis. According to the channel's management, if the wages of the employees are not reduced, Betevé could go bankrupt. The municipal channel Betevé celebrated its 25th anniversary last year. Despite the pandemic, the broadcaster has won numerous awards. TV critics and the public alike praised the quality of the work of the journalists reporting on the news during the October 2019 protests over the judgments handed down to the leaders...

THE SUPREME COURT OF RUSSIA ALLOWED BANKRUPTCY TRUSTEES TO REQUEST INFORMATION ABOUT PRE-FORECLOSURE TRANSACTIONS OF DEBTORS

The Supreme Court of Russia pointed to the possibility of sending personal inquiries to government agencies about pre-foreclosure transactions concerning the debtor's property for bankruptcy trustees. This will not only shorten the procedure time, but also simplify the process of challenging transactions. Such a question arose in the framework of the insolvency case of Alliance-Stroy LLC, the information on transactions with ...

THE OLDEST SPIRITS PRODUCER OF VELIKY NOVGOROD IS DRIVEN INTO BANKRUPTCY

The Arbitration Court of Veliky Novgorod accepted the claim of the Federal Tax Service on the bankruptcy of Alkon JSC. The amount owed to the treasury is more than 12.79 million rubles and the first court hearing on the case is to take place on August 11. The court will consider the validity of the monetary claims put forward by the tax authorities ...

CAR BATTERY MANUFACTURER FROM KURSK IS ON THE VERGE OF BANKRUPTCY

Expobank expressed its intention to file a bankruptcy petition against Istok + LLC. The alleged debtor is located in Kursk and is engaged in the production of batteries for passenger cars. The amount of the debt to the bank and the grounds for its collection have not been disclosed yet. Istok ...

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