Bank Saint Petersburg bankrupted LLC Rif which owns land and buildings in St Petersburg and Vyborg. The price of property equals around 1 billion rubles. The case started in 2019, and in January 2020 the court of arbitration recognized the Bank’s claim in the amount of 552.2 million and introduced external administration of the debtor. But it didn’t help. Recently the Court of Arbitration of St Petersburg and Leningrad Region declared LLC Rif bankrupt and launched insolvency proceedings. The carrying value of all assets owned by Rif is estimated at 1.254 billion rubles. According to Irina Serova, the head of the St Petersburg regional office of Khrenov&Partners, Bank Saint Petersburg is the only creditor within the case. There are two claims from the creditor to the debtor. “The first one in the amount of 552.2 million rubles was submitted when the case was brought to court and included in the list of creditors’ claims, and the second one dated May 2020, in the amount of 556.6 million is collateralized”. Total claims of the bank amount to 1.1 billion rubles.

Irina Serova notes that the assets were evaluated in 2012. “As it was pointed out by the Supreme Court of Russia, in insolvency cases the sales price of the collateralized property is defined by the creditor. In case of disagreement, the price is defined by the court in the amount equal to 80% of the market price of property included in the appraisal statement. Therefore, the starting sales price of the property largely depends upon the actions of the debtor in the case”, says Irina Serova. According to experts, the overall price of property owned by LLC Rif may equal 1.06 billion rubles.

The full article may be viewed here (in Russian).