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Investment company declared insolvent

16:10 20/10/2011

MOSCOW, October 20 - RAPSI, Alyona Yegorova. A commercial court has declared Sigma Capital Partners bankrupt, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The court has launched six-month bankruptcy proceedings against Sigma. Its bankruptcy administrator's report will be considered on April 9, 2012.

Sigma claims the ownership of a 32-percent stake in the SMARTS telecommunications company.

However, its creditors voted during their first meeting to launch bankruptcy proceedings. Sigma's bankruptcy administrator reported on Thursday that the company has no property and its liabilities amount to 2.64 billion rubles ($85 million).

According to the bankruptcy administrator, no signs of fraudulent bankruptcy have been uncovered at the company and its insolvency cannot be restored. Additionally, the company is not operating and its only remaining employee is its director.

A representative of Sigma's primary creditors said at the meeting that the company's sole asset is its $140 million in receivables, including accounts receivable from Angentro Trading and Investments.

The creditors believe that their interests can only be protected by auctioning the receivables.

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Investment company declared insolvent

16:10 20/10/2011 A commercial court has declared Sigma Capital Partners bankrupt.
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