In 2021, Valrus experts conducted an out-of-court study, the results of which were issued in the form of a specialist's opinion. The conclusion was supposed to be submitted in the framework of a criminal case opened against a controlling debtor under the article on theft and embezzlement of budgetary funds (Part 4 of Article 160 of the Criminal Code of the Russian Federation).
The enterprise, a poultry factory, received a loan from the state fund. Subsequently, the company went into bankruptcy, and therefore stopped servicing the debt and could not repay it. The amount of debt was quite high, so a criminal case was opened against the director who was in charge of the enterprise at the time of receiving the loan.
The study, which was conducted without the defendant's lawyers, raised questions about the expediency of obtaining a loan, the validity of plans for the financial and economic activities of the enterprise, including its ability to service and return the funds received. We also investigated the following issues:
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on the compliance of the terms of the loan received with the market conditions;
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we conducted an analysis of the financial condition and solvency of the enterprise, the impact of obtaining a loan on them, and other factors;
- determine the objective date of bankruptcy and the factors that led to the loss of creditworthiness and bankruptcy of the enterprise.
As a result, a comprehensive study turned out, within the framework of which the financial performance of the enterprise for more than 7 years was considered in detail. The financial statements for this period have been studied, including transcripts to it, production indicators of the enterprise, composition, movement and value of property, all documentation related to obtaining a loan and its refund.
In addition, the circumstances identified and established earlier by the bankruptcy trustee were taken into account. They are reflected in the bankruptcy court case of the enterprise and in cases involving subsidiary liability of persons controlling the debtor.
About two and a half months of work were spent on this study. According to the results, it was found that the bankruptcy of the enterprise was not related to obtaining a specific loan, but to objective market factors, as well as the actions of the new leadership who came after the dismissal of the defendant.
With regard to the loan received from the state fund, it was established that the terms of the loan corresponded to market conditions, and the company had the opportunity to service it.
However, literally 1.5-2 years after receiving the loan, a situation emerged in the industry when poultry farmers actually fell into the price gap. Thus, after two consecutive lean years, grain (feed) prices have increased significantly, although usually after a temporary increase following a lean year, feed prices stabilize due to a feed surplus next year. At the same time, product prices, on the contrary, decreased due to pressure from substitute products and increased competition.
These market factors completely destroyed profitability in the industry for at least a year, led to losses in the sector, which were covered by reducing the size of its own working capital. Some of the enterprises that did not have sufficient liquidity and support from the owners (they were not part of large vertically integrated holdings) went into bankruptcy.
Our research was presented to the materials of the criminal case by the defense and helped the lawyers to protect the interests of the principals.