The Economic Court of Dnipropetrovsk region has declared Amstor LLC
(Dnipropetrovsk), which develops a network of eponymous food supermarkets in
Ukraine, as bankrupt and ruled to start the liquidation process.
The relevant ruling of October 16, 2015 was made as
part of bankruptcy proceedings initiated on the basis of the enterprise's
application of September 7, 2015.
Lorley Investments Limited (Cyprus), which previously
owned 11.55% of shares in the company, on October 9, 2015 sent an appeal to
court to obtain a conclusion from the state authorities on the issue of
bankruptcy regarding the signs of a fictitious bankruptcy or the intentional
bringing of the company to bankruptcy. However, the auditors found no evidence
of fraudulent bankruptcy at Amstor and the application was rejected.
According to the decree, the liquidator of the
enterprise must make a register of creditors' claims and submit it for approval
to the Economic Court of Dnipropetrovsk region before its consideration at a
meeting scheduled for January 17. The register already includes the demands of
20 creditors in the amount of UAH 2.417 billion, which exceeds the company's
assets.
According to the decision, the company's assets as of
September 3, 2015, based on the results of the audit, were UAH 1.304 billion.
Its long-term and current liabilities amounted to UAH 2.149 billion and UAH
268.067 million respectively.
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