The bankruptcy case of the TAGOL polycarbonate plant

The TAGOL polycarbonate plant has been successfully operating on the Ukrainian market since 2003.

However, significant debt repayment of UAH 79 million to Forum Bank in 2015 and a further chain of defaults to counterparties led to the threat of plant’s bankruptcy.

Andrii Spector, bankruptcy and taxation attorney, was providing legal support to the investor. The result of his work was significant repayment of accounts payable and salary arrears.

Starting from the second half of 2017, the plant was of great interest for SOTON LLC. Later, the enterprise was completely reorganized, financial problems were eliminated.

The final point in the financial troubles of the plant was set with the help of a number of decisions of the Commercial Court of Dnipropetrovsk region.

As stated in the court decision (case № 904/7505/17) the liquidator was identified and the property of the bankrupt (TAGOL LLC) was sold for a total amount of UAH 40 233 996.

After receiving funds from the sale of the bankrupt's property the liquidator arranged payments with the creditors ranking the following order:

• partially repaid secured claims of Professional Credit Systems LLC for UAH 37 070 569.
• first line claims for the total amount of UAH 1 188 996 are completely repaid, where UAH 1 172 030 makes the wage arrears and UAH 16 966 makes the repayment of costs for the court fees and for filing an application for recognition of accounts payable.
• partially repaid claims of the fourth line for the total amount of UAH 2 027 759.

Today SOTON-UKRAINE LLC is the official representative of the TAGOL plant, which is the only producer of polycarbonate in Ukraine.