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.
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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Deutsche Welle reported, referring to KSV1870, that the bankruptcy procedure was also launched for two subsidiaries of SLAV Group, and over 90% of the debts are owed to China's CNBM International. Deutsche Welle said that SLAV has assets of around EUR 80 million and they are mainly assets of Ukrpidshypnyk Industrial-Investment Corporation.