Sverdlovsk Region Court of Arbitration is to appoint CIT Capital’s trustee in bankruptcy and to decide on the terms of the company’s bankruptcy proceedings on January 16, 2009

The court declared CIT Capital insolvent on December 27, 2008 after the debtor placed an application with the court explaining the sum of their liabilities came to more than 3.982 billion RUR and that they owed their creditors 16.708 million RUR worth of compulsory payments. What is more, 42.343 million RUR worth of claims laid against CIT Capital had been placed with numerous courts of general jurisdiction and arbitration courts. As for the company itself, it possessed 3.502 billion RUR worth of various property, including money and accounts receivable.

Meanwhile, Leader Holding Company bought 33.3216% of CIT Capital’s stock in December 2008 and all the rights and liabilities related to this shareholding came to belong to Leader.

Having looked into the papers provided by the company, the court decided that the debtor hadn’t enough assets in order to meet the liabilities that already have to be paid off.