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Bankruptcy hearing for Russia's biggest insurance company set for Oct. 26

14:26 24/09/2012

MOSCOW, September 24 - RAPSI. The Moscow Commercial Court will consider on October 26 Russian agricultural giant Agrostroytechnology's application for the Ingosstrakh Insurance Company's bankruptcy, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) Monday.

The application was filed on August 8.

Established in 1947, Ingosstrakh is Russia's leading insurance company. It operates in 231 locations in Russia and runs offices and subsidiaries abroad.

The court has already rejected a claim filed by Sapphire Farm for the insurer's bankruptcy.

The Kursk Regional Commercial Court accepted Ingosstrakh's defamation lawsuit against Sapphire, as its bankruptcy petition disregarded the debtor's financial status and was filed before any attempts to recover the debt out of court.

The insurer sought 10 million rubles ($320,800) in compensation for intangible harm. The complaint was filed on August 17 and will be heard on October 22.

Sapphire filed for Ingosstrakh's bankruptcy on August 3.

According to the insurer, it had concluded a contract with the farm over the 40,291 million ruble ($1.3 million) insurance of its winter wheat crop between December 18, 2009, and August 31, 2010.

The court sided with the farm and ordered Ingosstrakh to pay 7.7 million rubles ($247,000) under the contract.

The insurer refused to pay based on the contract terms and insurance regulations.

However, the court charged Ingosstrakh the amount in claim.

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Bankruptcy hearing for Russia's biggest insurance company set for Oct. 26

14:26 24/09/2012 The Moscow Commercial Court will consider on October 26 Russian agricultural giant Agrostroytechnology's application for the Ingosstrakh Insurance Company's bankruptcy.
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