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Rightmark Group lawyers defended interests of a minority creditor in course of major developer bankruptcy and prevented the debtor’s asset stripping.

During bankruptcy of a company, one of the major St. Petersburg developers, persons controlling the debtor together with one of the two largest creditors of the debtor attempted stripping of the only asset — a shopping mall under construction. In order to serve the best interests of the client, it was decided to form a union between Rightmark Group lawyers with great experience and extensive knowledge in the area of bankruptcy, representing the client interests, and a bank — the debtor’s creditor with more than 50% of the total number of votes. This strategic decision allowed to prevent asset stripping, and protect interests of not only major creditors, but also those with less than 10% of the total votes in the list of the debtor’s creditors: property was returned to the bankruptcy estate and sold in an auction, claims of all creditors were satisfied.