Former head of Yekaterinburg Non-Ferrous Metals Processing Plant contests his insolvency claim in Czech Republic

26 March 2012 (09:10)

The Supreme Court of the Czech Republic put an end to a court trial involving the former head of Yekaterinburg Non-Ferrous Metals Processing Plant Nikolai Timofeyev and the U.S.-based B&H Instruments LLC: Timofeyev was, after all, declared insolvent, Kommersant-Ural says.

B&H Instruments LLC insisted that the businessman be declared bankrupt as he failed to meet his contractual obligations relating to paying back a loan amounting to 15m Czech korunas (about $1m). According to the court files, his American partner company lent Timofeyev the money in July 2007 so that the businessman could buy a duplex in an apartment building in downtown Prague.

In February 2012, after the case had been reconsidered in Prague Municipal Court, the plaintiffs managed to get the defendant to be declared bankrupt and to proceed with confiscating his apartment in the elite building in Prague.

Czech Supreme Court has already received a complaint from Timofeyev’s lawyers, who demand that the ruling declaring the defendant insolvent be renounced as illegitimate, Kommersant-Ural says. For one, the defendant insists that the auction aimed at selling his real estate be called off.

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