As revealed in the analysis of the bankrupt company’s bank statements, the former CEO and sole member had, in the pre-bankruptcy period, issued loans in his favor in the amount of approximately RUB 50 million. At the same time, the borrower also found himself in bankruptcy proceedings.
KIAP was tasked to litigate on 2 independent disputes related to inclusion in the register of claims of the borrower’s creditors of the principal and interest amounts under loan agreements.
The disputes were complicated by the fact that the Principal had no loan agreements, while the borrower filed into the court promissory notes for a proportionate amount and a set-off agreement, which said the debt was repaid in full. Along with that, the competing creditor insisted that the executed loans actually covered the payment of dividends and therefore no debt existed.
KIAP associates compiled the necessary pool of evidence, prepared the legal position and managed to convince the courts that the debtor’s repayment transactions were null and void and the funds paid could not be dividends. As a result, the courts satisfied the claims in their entirety.
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