Legal “reanimation” of Drogobych truck crane plant
Shareholders of Drogobych truck crane plant — the biggest in Ukraine and internationally renowned manufacturer of lifting machinery.
The shareholders of DAK appealed to our firm in 2016 when they lost control over the business as a result of an unlawful takeover initiated by a bankruptcy order made on the plant.
A fictitious debt was formed, on the basis of which the court initiated bankruptcy proceedings, unscrupulous creditors and the Arbitration Manager were then given actual control of the plant.
The design documentation and corporate know-how were illegally alienated.
The law did not clearly regulate the possibility of closing bankruptcy at the stage of the liquidation process.
Lawyers of “Selepey, Volkovetsky and Partners” overcame the legal conflict and proved in court the illegality of bankruptcy proceedings initiated against DAK, protecting the rights of the shareholders and employees of the company. It was a breakthrough solution by SVP lawyers which prevented the use of bankruptcy as an instrument of hostile takeover and reinstated the operations of the business.
As of today, DAK has fully paid off its debts to the largest lenders and is operating successfully.
“We hired Selepey, Volkovetsky and Partners in a situation where I personally didn’t see any chance of restoring our rights. But thanks to the highest level of professionalism and courage to make non-standard decisions, the SVP team was able to save the Drogobych truck crane plant legally, thereby creating the preconditions for attracting investment and restoring its work.”