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VEDA Prevents RUB 2bln+ Asset Stripping in Bankruptcy Proceedings against Major Developer

03 March 2017
We have the Moscow City Commercial Court to invalidate SKM Engineering’s general meeting’s resolution to reorganise the company by way of spin-off by proving the existence of considerable risks that such re-organisation may result in its most liquid properties being siphoned off

Acting for a bankruptcy creditor in bankruptcy proceedings against SKM Engineering OJSC, a major construction company which has been appointed the general contractor for Sberbank’s Corporate University Project, VEDA caused the Moscow City Commercial Court to invalidate the creditors’ general meeting’s resolution to reorganise the company by spinning off its assets. In its complaint, VEDA drew the Court’s attention to certain discovered signs of interrelation among those creditors who had voted for the resolution and to the obvious risks that the debtor’s assets may be stripped to the detriment of the other creditors’



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