Court looks into Uralstroyproekt’s bankruptcy case

23 October 2009 (11:53)

Sverdlovsk Region Arbitration Court keeps processing Uralstroyproekt Construction Company’s bankruptcy application.

In March 2006, the company was placed on the list of dishonest developers that had been compiled by the City of Yekaterinburg. The reason for this blacklisting was the fact that the developer failed to put up its buildings within deadlines. However, the company was taken off this list in August 2007.

Uralstroyproekt applied for bankruptcy because its wage arrears, debts, and other obligatory payments had amounted to 111.8 million RUR and it had had no permanent assets except for 217,930 RUR worth of savings. What is more, the developer was in the middle of an unfinished construction project worth 122.18 million RUR and owed 74.6 million RUR to creditors.

The court hearing was scheduled for October 22, 2009.

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