Enforcing bankruptcy proceedings on HydroSpetsStroy Ltd. is only fair, says Affordable Housing NGO
20 March 2007 (07:32)
‘Enforcing bankruptcy proceedings on HydroSpetsStroy Ltd. (general contractor of Noviy Grad, the developer) is only fair when it comes to dishonest builders’, Head of Affordable Housing NGO Konstantin Bruner said to UrBC.
‘The court had all the grounds for this decision; I am even inclined to think this should have been done earlier,’ Mr. Bruner said.
HydroSpetsStroy Ltd. now has to undergo bankruptcy proceedings with Olga Rushitskaya as their trustee in bankruptcy. Ms Rushitskaya has to hold a meeting of the company’s creditors and decide upon a self-regulating organization whose members would then appoint the trustee in bankruptcy themselves.
The company owes its creditors over 55 million RUR.
‘The court had all the grounds for this decision; I am even inclined to think this should have been done earlier,’ Mr. Bruner said.
HydroSpetsStroy Ltd. now has to undergo bankruptcy proceedings with Olga Rushitskaya as their trustee in bankruptcy. Ms Rushitskaya has to hold a meeting of the company’s creditors and decide upon a self-regulating organization whose members would then appoint the trustee in bankruptcy themselves.
The company owes its creditors over 55 million RUR.
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Other materials on the topic::
- Hydrospetsstroy still goes through bankruptcy proceedings
- I am dealing with HydroSpetsStroy’s bankruptcy proceedings now, says Olga Rushitskaya
- Law machinery might be needed to handle case of HydroSpetsStroy Ltd., says company’s acting trustee in bankruptcy
- Insolvency of HydroSpetsStroy means all assets will be sold by auction, reports company’s acting trustee in bankruptcy
- Court of Arbitration states HydroSpetsStroy Ltd. to go through bankruptcy proceedings