Insolvency of HydroSpetsStroy means all assets will be sold by auction, reports company’s acting trustee in bankruptcy

‘Insolvency of HydroSpetsStroy Ltd. (general contractor of Noviy Grad, the local developer) declared by the Court of Arbitration means that all of the company’s assets will be sold by auction. The money will be used to pay off debts,’ reports company’s acting trustee in bankruptcy Olga Rushitskaya.

‘The company’s creditors now have full control of the assets, so they will be able to sell everything,’ she says.

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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