Ukraine's court declares Rozhysche Poultry Farm bankrupt

A court in Ukraine has declared Rozhysche Poultry Farm, a closed joint-stock company in the Volyn region, bankrupt.

On June 8, 2010, the commercial court of Volyn region produced a resolution for case No. 1/144/47-B to declare bankrupt and open liquidation procedures for closed joint-stock company Rozhysche Poultry Farm.

Insolvency officer Ihor Khomishyn was appointed to manage the company properties. At the same time, Ukrsotsbank posted an announcement at its website selling the pledged property, a complex of buildings and equipment of the closed poultry farm.

The Rozhysche Poultry Farm incurred losses of UAH 3.1 million (US$392,008.09) for 2008, while its net revenue dropped 4% or UAH 201,000 (US$25,417.30) to UAH 4.761 million (US$602,048.56) on 2007.

In December 2006, Ukrsotsbank opened a credit line to the Rozhysche poultry farm for a total of UAH 10.9 million (US$1.38 million). It was opened for three years under 18% per annum.