Mining company goes bankrupt

10 September 2015 (09:10)

September 10, 2015. Sverdlovsk Region Arbitration Court declared Central Ural State Unitary Geological Industrial Enterprise insolvent, the court reports.

The company was set up in Pervouralsk in 2002 to develop gravel pits and sand quarries and to do geological survey and research.

The company’s creditor Quartz Trade submitted a claim to court on January 9, 2014, asking to declare the enterprise bankrupt.

It was determined in the course of the hearing that the creditors’ overall claims amounted to 45,355,000 RUR. The trustee in bankruptcy stated that the company couldn’t possibly recover to yield profit again.

The court thus pronounced the defendant insolvent and ruled that the company should undergo six-month-long bankruptcy proceedings. Vladimir Medvedev from Association of Crisis Managers was chosen as their trustee in bankruptcy.

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