MOSCOW, December 5 (RAPSI) – The Moscow Commercial Court has declared Carlo Pazolini shoe retailer’s founder Ilya Reznik bankrupt, RAPSI has learnt in the court.

A procedure of Reznik’s property disposal has been commenced for a period of six months.

On April 6, the court initiated the procedure of debt restructure against Reznik on ATB Bank’s request. On April 14, Alfa Bank filed an application seeking to include a 1.9-billion-ruble debt ($33.6 million) on the list. On May 31, several Russian companies and banks filed six applications with the Moscow Commercial Court asking to include 5.5 billion rubles (about $97.1 million) owed by Reznik on the list of creditors' claims.

Moreover, in late July, the court collected $11 million and €8.4 million in debt jointly from Carlo Pazolini Trade Ltd., Carlo Pazolini (Switzerland) SA., and Carlo Pazolini Participations in favor of NPL.

Carlo Pazolini brand was created in 1991. There are more than 180 company stores on Russia, Italy, China, Greece, Czech Republic, Ukraine, Azerbaijan and Moldova, according to the retailer’s website.