“St. Petersburg ‘daughter’ of Siemens fights off claims of £1 million” — Tatiana Tereshchenko for Delovoy Petersburg
The Arbitration Court of St. Petersburg and the Leningrad Region refused to include £1 million in the register of creditors’ claims of Neftegaz i Energetika LLC, the St. Petersburg “daughter” of Siemens Energy (Germany), as requested by RUE Mogilevenergo (Belarus).
According to Tatiana Tereshchenko, Head of Analytical Practice at Prime Advice Law Offices, the key trend in such disputes today is the courts’ extremely restrained attitude toward the “monetization” of non-monetary claims in bankruptcy.
The mere fact of non-performance of an obligation in kind (for example, failure to transfer an item) does not automatically turn into a monetary claim for inclusion in the register,” the expert says. “The courts require independent and complete proof of losses, specifically as loss or damage to property, and not as a formal equivalent of an unfulfilled obligation.