AVL List GmbH (Austria) intends to collect debts through the bankruptcy of the St. Petersburg plant PJSC "Zvezda"
The large Austrian company AVL List GmbH is once again initiating the bankruptcy procedure of the Russian enterprise PJSC "Zvezda" in an attempt to collect debts. Earlier in July 2020, the companies entered into a peace agreement, but the debt to the Austrians was not paid.
Karina Sidorova, Head of Crisis Management and Bankruptcy Practice at the Duvernoix Legal law firm, notes:
"Judging by the file of cases and the accounting statements, PJSC "Zvezda" is going through a bad period. Writs of execution for 791 million rubles were presented against the organization, there are a number of publications from creditors about their intention to file for bankruptcy. I think that by publishing the company is trying to achieve the earliest repayment of its claim, since it is insignificant in amount, but sufficient for the introduction of bankruptcy proceedings. Considering that the controlling persons of PJSC "Zvezda" have not yet filed an independent bankruptcy petition, apparently they have a plan to get out of the crisis. In this case, "Zvezda" will repay the claims of creditors who have filed for bankruptcy. Although, perhaps, the debtor just needs to buy time."