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.

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