BGP Litigation partner Dmitry Bazarov speaks with Company magazine about the bankruptcy of Antares, owned by Evgeny Roytman

"Antares has been named as defendant in over 130 civil cases instituted in the last half-year, so bankruptcy is logical", says BGP Litigation partner Dmitry Bazarov".

The aim of LLC Atiks, as the first creditor to have filed a bankruptcy petition against the debtor, is to obtain satisfaction of its claims, adds Dmitry Bazarov. The first party to submit a petition in a bankruptcy case has better chances of getting their money than the other creditors (provided, of course, that the debtor seeks to avoid bankruptcy and pays its debts). The institution of the bankruptcy case will probably lead to a spate of applications from the other creditors to have their claims included in the consolidated list of creditors' claims. As the number of creditors and the aggregate value of their claims are significant, if LLC Antares does not have sufficient assets to completely satisfy all the creditors' claims it will be declared bankrupt.

According to the law on bankruptcy, the CEO of a debtor company must file a petition to have the company declared bankrupt if it has statutory signs of bankruptcy or arrears of wages to employees for more than three months, notes the BGP Litigation partner. In such cases the CEO must file the bankruptcy petition no later than one month after the date the relevant circumstances occur. Failure to do so constitutes grounds for the CEO to be held responsible, on the basis of subsidiary liability, for any obligations the debtor company incurs after that period expires. 

According to Dmitry Bazarov, the ultimate beneficiaries of a company may also be held accountable for its obligations on the basis of subsidiary liability if it can be proved that the beneficiaries had the capability to determine the debtor company's actions, issue instructions that were binding upon it, or influence its management, and the company was declared insolvent (bankrupt) as a result of those actions and/or omissions. 

His comments are published in the article "No contact" (Company magazine, No. 07 (928), 27 February 2017).