May 16, 2017 after several meetings, the Economic Court of the Kiev region decided to bankrupt the company "Alba Ukraine" and to initiate the procedure for its liquidation.
Recall that since 2014, PJSC "Alba Ukraine", being one of the largest pharmaceutical distributors in Ukraine, announced the beginning of the bankruptcy procedure and submitted a relevant application to the court. The bankruptcy case was opened due to the impossibility of fulfilling monetary obligations to creditors.
Initiated procedure of bankruptcy of such a large distributor caused active opposition by some creditors. The bankruptcy procedure was initiated three times, and in 2016 the case has finally been continued.
Thus, on May 16th, 2017, following several session, the Commercial Court of Kyiv Region declared Alba Ukraine bankrupt and ruled on the liquidation procedure.
As Natalia Lavrenova, counsel of Legal Alliance Company and lead specialist of corporate law practice, notes, "This means that on May 16th penalties (fines, late charges), interest and other sanctions for all types of the Company's debts are lifted, and a liquidator begins the procedure of bankruptcy and repayment of debts to creditors in the order of priority. "
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