Financial Recovery Appellation Proceedings in Case of the Triple Company Owned by Chyzh was Resumed in Minsk
- 31.01.2022, 13:26
Earlier it was recognized as bankrupt.
The Economic Court of Minsk scheduled a regular hearing on the case of the economic insolvency of the Triple company owned by the businessman Yury Chyzh, for June 30. Information about this appeared in the court schedule, writes zerkalo.io.
They are going to consider the report of the anti-crisis manager on the recovery issue during the proceedings (in other words, the recovery, which can help avoid bankruptcy). Let us recall, in July last year, the Economic Court of Minsk declared the company economically insolvent and ordered a financial recovery. This became possible after the financial and economic expertise of the company.
Triple filed for economic insolvency (bankruptcy) in May 2020. The proceedings were initiated two months later. As for the debtor, the bankruptcy proceedings started in October. The hearings with a Crisis Manager were scheduled for January 27, 2021. But the creditors had no decision either to liquidate or to recover the Triple by that time.
On February 26 last year, the Economic Court of Minsk suspended consideration of the bankruptcy case of the Triple company, requiring financial and economic expertise. The company "Triple" and some creditors support the recovery, which will allow to ease the debt burden and improve the company, including paying off debts, within 18 months. However, Belagroprombank, as the largest creditor, opposed the recovery plan and supported the phased sale of assets.
According to the expert testimony in court, financial and economic examinations, the recovery plan for the debtor was economically unjustified, and reestablishing debtor solvency was impossible by the second quarter of 2022.
The Crisis Manager did not agree with the experts at the hearings in the Economic Court of Minsk on July 14, 2021. In his opinion, experts found the deficiencies, which do not influence the recovery process and the sale of the company's property is impossible while bankruptcy proceedings. The Triple has the necessary assets to receive a recovery decision according to the Crisis Manager.
As a result, the court recognized Triple as economically insolvent and imposed recovery for the company on July 14.
At the hearings on June 30, they intend to consider the report of the Crisis Manager on the recovery issue. If for some reason the court decides that it is impossible to continue the economic activity of the company, then liquidation proceedings may subsequently be brought to action.