Autoland goes bust

Sverdlovsk Region Arbitration Court decided to accept ZAO AO Autoland’s bankruptcy application and to initiate the necessary proceedings, the court’s press officer reports.

The debtor’s insolvency application was placed with the court on May 24, 2010. On July 1, 2010, the court left the application to rest and it was suggested that the applicant should eliminate a number of deficiencies before July 23, 2010. On July 21, 2010, the documents that proved the elimination of the said deficiencies was received by the court, so the latter decided to accept and process the application.

The bankruptcy application will therefore be considered in court on August 31, 2010.

Now Autoland Holding deals in sales of Ford, Mazda, Volvo, and Mitsubishi Motors and runs show rooms in Yekaterinburg, Ufa, and Magnitogorsk.

The company had to sell its Autoland Sever center located at 6 Kosmonavtov Ave. in Yekaterinburg in July 2009. In September, the holding closed down all of its representations in Novosibirsk and had its license allowing it to represent Land Rover and Jaguar in Yekaterinburg halted the following month.


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