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SLAV Group of Kliuyev brothers begins bankruptcy procedure

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SLAV Group of Kliuyev brothers begins bankruptcy procedure

Post by Admin on Wed Mar 09, 2016 10:36 am

Austria's AV Handel, Vertretung und Beteiligung AG, under control of Andriy and Serhiy Kliuyev who fled from Ukraine, on March 8 filed an application on the start of bankruptcy procedure to the arbitration court of Vienna, Austria's KSV1870 association for protecting rights of creditors has reported.

"According to information from the debtor, total liabilities reached EUR 111.81 million," KSV1870 reported on Tuesday.

The Kliuyev brothers failed to receive credits to pay debts and replenish working capital of the company using own funds, as their accounts are frozen due to sanctions imposed by the U.S. and the EU.

KSV1870 said that 28 creditors suffered from financial insolvency of the debtor................

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