Crop Protection

Russian agrochemical firm Doctor Farmer in financial trouble

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16 June 2023, Russia: Sberbank initiated bankruptcy proceedings against Doctor Farmer LLC, a prominent Russian agrochemical producer, at the Arbitration Court of the Novosibirsk Region.

In the statement, the bank indicated the factor of fertilizers of expired credit obligations in the amount of ₽208 million. The date of the court hearing has yet to be scheduled.

Doctor Farmer LLC was registered in 2014 in the city of Kuibyshev, Novosibirsk Region. The company specializes in developing, producing, and selling plant protection chemical products. The company produces a wide range of high-quality products, which include more than 60 pesticide products. As of 1st January 2023, 140 employees worked at the enterprise against 156 on 1st January 2022. The revenue in 2022 amounted to ₽555.6 million, a net loss of ₽86.9 million (in 2021, there was a profit of ₽46,000 with revenue of ₽289 million). Back in 2019, the company’s revenue exceeded ₽1.28 billion.

According to the results of 2022, the fixed assets of Doctor Farmer, LLC amounted to ₽11.5 million, tax assets defended – ₽22.7 million, stocks – ₽54.9 million, receivables – ₽261 million, delayed tax liabilities – ₽2.4 million. At the same time, accounts payable exceeded ₽420 million.

In 2022, the court issued a court order for the collection of debts for servicing a bank account to the amount of ₽36,700 from Doctor Farmer

Sberbank twice published Fedresurs reports on its intention to initiate bankruptcy proceedings against Doctor Farmer LLC – March 9 and April 28, 2023. At the same time, in April 2023, Sberbank also submitted the name of a bankruptcy court to Doctor Farmer LLC. The next meeting is scheduled for July 20.

Also Read: ICAR signs an MOU with Amazon Kisan to guide farmers on the scientific cultivation of crops

(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

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