Dairy company Galychyna was declared bankrupt
The Economic Court of Lviv region declared Galychyna CJSC as bankrupt and initiated liquidation procedures.
Procedures under bankruptcy case of CJSC Galychyna were started by the court on November 24, 2015.
According to the court materials, property administrator established that assets of Galychyna amounted to UAH 231.8 million and total accounts payable recorded in the creditors' claims register were UAH 1.18 billion. Respectively, "property assets of the borrower are not enough to cover creditors' claims".
"Features of fraudulent bankruptcy or bankrupt by property administrator weren't revealed," the decision of Economic Court of Lviv region states.
In June 2018, the Supreme Court met the cassation appeal of Galychyna CJSC and annuled the order of the Lviv Appeal Economic Court dated on November 22, 2017, within the case, and upheld the decision of Economic Court of Lviv region dated on July 6, 2017, which recognized money claim of Ukreximbank to Galychyna CJSC at amount of UAH 889, 400, 000 as backed by the borrower's charge.
The decision of Lviv Appeal Economic Court dated on November 22, 2017, met the appeal of Ukreximbank, annuled the decision of the first-instance court and admitted the claim of Ukreximbank to Galychyna at amount of UAH 889.4 million.
The appeal court concluded that total value of collateral determined by the parties in mortgage and pledge agreements was UAH 191.5 million and the bank should claim precisely for such an amount, other claims should be definded as the subject to the bankruptcy procedures and paid out in a priority of claims.
According to the court materials, Ukreximbank and Galychyna concluded credit agreements which collateral is the dairy plant's buildings in Redekhiv (Lviv region), utility connections, equipment and transport located at the same address, rights to trade marks "Moi Korovki" and "Galychyna", finished products in stocks and in stores.
According to data of the NSSMC, owner of 100% in Galychyna CJSC is Brosmont Holdings Limited, Cyprian company.
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