‘The trustee in bankruptcy’s report on HydroSpetsStroy Ltd. (general contractor of Noviy Grad, the local developer) will be presented in Sverdlovsk Region Court of Arbitration on March 15, 2007. I expect the court hearing to be quite productive, as there appear to be no problems left by now,’ says Olga Rushitskaya, the company’s trustee in bankruptcy.

‘There used to be some procrastination as the claim of one of the creditors (Pantheon Ltd.) was left unanswered, but the issue has already been dealt with. The thing is, this claim was not laid in compliance with all the legal requirements (namely, it was not signed by the authorized person),’ Ms Rushitskaya said.

‘So, HydroSpetsStroy Ltd. now has three creditors,’ she observed. The company is still undergoing bankruptcy proceedings and owes its creditors over 55 million RUR.