Commercial Court Declares Dniprovazhmash Bankrupt, Sees Signs of Deliberate Inducement to Insolvency
The Commercial Court of Dnipropetrovsk Oblast on November 17 declared JSC "Dniprovazhmash" bankrupt. The court noted a deterioration in financial indicators from 2022 to 2024 and found signs of deliberate actions that led to the company's insolvency.
By Oleg Bazylewicz
November 29, 2025 · 2 min read
The Commercial Court of the Dnipropetrovsk Region on 17 November declared joint-stock company Dniprovazhmash bankrupt. The enterprise produces equipment for metallurgical plants, pipelines, the metro and the mining industry.
Reasons prompting the court's conclusion
Analysis of the financial indicators indicates the presence of economic signs of driving the enterprise into bankruptcy
– Commercial Court of the Dnipropetrovsk Region
The decision states that the company was likely deliberately driven to insolvency. The court pointed to a systematic deterioration of the financial condition during 2022–2024 and to negative dynamics in key ratios used to detect signs of deliberate bankruptcy.
Financial dynamics of the company
Over three years Dniprovazhmash's equity fell from UAH 453.2 million at the end of 2022 to UAH 275.1 million at the end of 2024. Accounts payable remained high — over UAH 730 million.
For 2024 the plant reported a net loss of UAH 117.5 million.
Identified violations in management
The asset manager found a number of violations by the company's leadership. These include disposal of assets during periods when arrests and bans were in effect, transferring all real estate into gratuitous use by third parties, unjustified transfer of equipment with signs of concealed sale, as well as removal and possible destruction of documents by a former executive.
On 30 October 2025 creditors' meetings unanimously decided to terminate the asset disposition procedure and to petition the court to declare the enterprise bankrupt and open a liquidation procedure. The court supported this decision and lifted the arrests imposed on the company's assets.
Owners and seizure of shares
The enterprise is controlled by the family of Oleksiy Zinovyev: 87.1% of the shares belong to his children — Yehor, Anton and Slavyana Zinovyev. The owners' stake was seized as part of a criminal proceeding on aiding the aggressor state under Article 111‑2 of the Criminal Code of Ukraine.
- The main specialization of the plant is equipment for metallurgy, pipelines, the metro and the mining sector.
- Equity decreased from UAH 453.2 million (end of 2022) to UAH 275.1 million (end of 2024).
- Accounts payable exceed UAH 730 million; net loss for 2024 — UAH 117.5 million.
