Crimea suspends bankruptcy cases

Today the leadership of the State Council of Crimea decided to suspend the bankruptcy proceedings of all businesses located within the peninsula.

Earlier, local authorities and directors of enterprises complained to the State Council on the actions of arbitration managers. Arbitration managers, the complaints say, use the fact of bankruptcy to seize the assets, seals and statutory papers, for subsequent sell-out of the companies at low prices.

On the verge of bankruptcy are Feodosia Marine Engineering Works, Kerch plant “Albatross”, Jankoi Mechanical Plant and some other enterprises of the Crimea. Their cases have been transferred to the Ministry of Justice of the Republic of Crimea.

In order to help bankrupt businesses, licenses of all Crimea arbitration managers have been cancelled pending re-certification.

Reporters of Kharkov News Agency learned that the status and fate of the Crimean business might change due to the adoption of the Crimea Constitution within the Russian Federation. The new Constitution of the Republic of Crimea expected for submission within two weeks.

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