MOSCOW, 25 Aug. Egor Nepomnyashchikh, the bankruptcy trustee of JSC Oracle Computer Equipment (OKO), is asking the Moscow Arbitration Court to establish the actual value of the assets of this Russian subsidiary of the American software maker Oracle in the amount of zero rubles, follows from the published court ruling.
The judicial act clarifies that the manager asks to establish such a value «at the time of the introduction of the bankruptcy proceedings and until the debtor provides documents confirming the existence of assets whose balance sheet value exceeds 100 million rubles.»
As lawyer Igor Noskov, managing partner of the Bashilov, Noskov and Partners law firm, explained earlier, the debtor's financial statements rarely reflect the real value of assets — «often it is overstated, which has a bad effect on certain aspects of the bankruptcy procedure.» So, for example, according to the lawyer, «the insurance paid by the arbitration manager depends on the size of the debtor's assets and, in order not to pay increased insurance, he can apply to the court to establish the actual value of the assets.»
On August 7, the Moscow Arbitration Court declared OKO bankrupt and opened bankruptcy proceedings in the company. The initial bankruptcy procedure — supervision — was introduced by the court to OKO at the request of the Croc Inc. IT company due to a debt of more than 49 million rubles.
During the observation, the claims of Force Distribution LLC in the amount of more than 439 million rubles, MKT LLC (about 425 million), Force Development Center LLC (more than 160 million), Sberbank (more than 77 million ) and others.
As noted in the court decision, 71 creditors took part in the first meeting of creditors on August 1, they own more than 97.5% of the votes. Everyone voted for the transition to bankruptcy proceedings, the majority — for the approval of Nepomnyashchikh, who had previously been an interim manager.
Founded in 1977, Oracle is headquartered in Austin, Texas. It is one of the largest software producers in the world. The manufacturer provided Russian companies with software for enterprise management, customer interaction, and asset management. At the beginning of March 2022, the company suspended operations in Russia amid the situation around Ukraine.