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Court looks into Leaders insolvency case

22.06.2009. : public
The Arbitration Court keeps looking into the insolvency application laid by Leader Holding Company. Since the debtor must provide additional evidence of the companys state, the court has had to put off the hearing in accordance with Article 158 of the Russian Federation Arbitration Code of Practice and Article 32 of the Federal Insolvency Act.

Leader Holding Company placed its case with the arbitration court, asking to be declared bankrupt. The companys application states that their creditors claims amount to 3,800,758,516.74 RUR (including 1,786,421,132.78 RUR worth of overdue debts). The debtor claims to be unable to meet these claims due to lack of financial resources, which shortage has been caused by the ongoing economic downfall.