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RESOLUTION OF THE SUPREME ECONOMIC COURT OF UKRAINE

of June 5, 2007

About bankruptcy

(Determination of Trial chamber on economic cases of the Supreme Court of Ukraine of 19.07.2007 it is refused to open production on review)

Case No. 5/1/75

NAME OF UKRAINE

The Supreme Economic Court of Ukraine as a part of board of judges: Udovichenko O. S. - the chairman, Panova I. Yu., Handurina M. I.

having considered the writ of appeal of JSC Repair and Construction Management N51

on determination of economic court of the Zaporizhia region of 20.11.2006

on case N5/1/75 of economic court of the Zaporizhia region

according to the statement of JSC Repair and Construction Management N51

to Germetik-Universal Ltd

about bankruptcy

liquidator Shevtsov E. V.

with the participation of agents of the parties:

from JSC RBU-51 - Fisyuk L. O.

from Germetik-Universal Ltd - Kochergin O. L.

ESTABLISHED:

Determination of economic court of the Zaporizhia region on case N5/1/75 approves of 20.11.2006 the liquidation balance sheet of the bankrupt of Germetik-Universal Ltd and the report of the liquidator. The debtor is liquidated. Obliged the arbitration manager Shevtsov E. V. file to GKTsBFR of Ukraine all necessary documents for cancellation of share issue of the bankrupt. Proceeedings are stopped.

Without agreeing with the specified determination, JSC Repair and Construction Management N51 which considers that the court made the decision concerning its rights and obligations appealed to the Supreme Economic Court of Ukraine with the writ of appeal in which it asks to cancel determination of economic court of the Zaporizhia region of 20.11.2006 in the matter of N5/1/75, and case - to tell to new trial to Trial Court.

The claim is motivated with violation of regulations of procedural law by local economic court.

Board of judges of the Supreme Economic Court of Ukraine, having reviewed determination of local economic court in cassation procedure, having checked application of regulations of substantive and procedural law by Trial Court, considers that the writ of appeal is subject to satisfaction, proceeding from the following:

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