Irish company which sells and distributes Russian vodka put into liquidation

Ann O’Loughlin

A provisional liquidator has been appointed by the High Court to an Irish company that makes, sells and distributes a premium Russian Vodka.

Ms Justice Leonie Reynolds today appointed insolvency practitioner Shane McCarthy of KPMG as provisional liquidator to Taiga Shtof Ltd, which has a registered address at Laburnum House, Fairgreen Road, Ballymote, Co Sligo after she was satisfied the company is insolvent and unable to pay its debts.

The vodka is made in Russia, marketed in exclusive handmade bottles and shipped to its main markets in the USA via Latvia.

The court made the appointment after being told the company got into difficulties arising out of a dispute between two of the firm’s shareholders with a third shareholder Mr Islam Magkometov.

The dispute was due to production deadlines not being met, lack of funding, unpaid production and supplier expenses that resulted in delays in the business.

The product was meant to be launched in September 2016, but was not released until last December.

Kelley Smith Bl for two of the shareholders and promoters of the company, Raman Gazine of Bouscat, France and Francisco Xavier Fermin De Eizaguirre with an address in the French overseas territory of St. Martin said her clients were petitioning the court for the appointment of a liquidator.

Counsel said this was to preserve the value of the company’s main badet, its brand name and intellectual property rights, for the firm’s creditors.

Her clients who had advanced loans to the company are also creditors counsel said.

Her clients had reached an impbade with Mr Magkometov, counsel said.

Counsel said that the appointment of a liquidator was also needed to secure an exclusive distribution agreement for the US, which needs to be executed before November 7.

The deal had not been executed due to the uncertainty with the company, counsel said.

Counsel said her clients are willing to buy the company’s badets, but would only do so if the distribution contract could be executed, otherwise, the badets would have no value.

The Judge, after confirming Mr McCarthy, as provisional liquidator adjourned the matter to a date next month.