20 Oct 2018 19:09

Goskontsert declared bankrupt - arbitration court

MOSCOW. Oct 20 (Interfax) - The Arbitration court of Moscow has sided with the claimant, FPM-Consulting, and declared the federal state unitary enterprise (FGUP) Goskontsert bankrupt, the court told Interfax.

"Under the court's decision, FGUP Goskontsert has been found bankrupt and ordered to go into liquidation for a period of six months," a court official said.

Having assessed submitted evidence, the judge concluded that FGUP Goskontsert should be declared insolvent because for three months it failed to repay its debt of over 300,000 rubles to the creditor, the ruling said.

The court also saw no reason to introduce a receiver or a financial recovery plan for the organization.

Yevgeny Zadvornov of the Avangard Union of Court-Appointed Managers has been appointed as the insolvency administrator for Goskontert.

The ruling has not yet come into effect and may be appealed at the Ninth Arbitration appellate court within a month.

Goskontsert was founded in 1956 in place of its predecessor, Gastrolburo USSR. Its main objective was to organize foreign concert tours for Soviet performers and USSR concert tours for foreign singers. FGUP Goskontsert also organized festivals, contests, concerts, conferences and symposia, and cultural-political events in honor of commemoration days and historical events.