Russian Credit Bank bankruptcy

The Head of Bankruptcy Practice Sergey Levichev told Vedomosti correspondents about the bankruptcy procedure of Russian Credit Bank controlled by Anatoly Motylev.

Having lost his banking empire and Russian Credit, Anatoly Motylev is not willing to loss other pledged assets. In order to protect them from the creditors Mr. Motylev has entered the bankruptcy procedure of Russian Credit. First, this allows him access to the information and then, he will have right to appeal with judgment within the bankruptcy.

Yesterday the Arbitration Court of Moscow considered CB’s petition in bankruptcy of Russian Credit Bank controlled by Anatoly Motylev. The decision was not made as a new player Mr. Motylev himself ("in absentio") appeared to request (through his attorneys) participation in the process as a chairman of the Board of Directors of the Bank. The court satisfied the request and specified the date of the bankruptcy petition consideration on October, 6, informed Russian Legal Information Agency.

Mr. Motylev actions were a surprise for claimant's counsel. However, there is no reason to doubt on the bankruptcy petition filed by the CB: it can be hardly expected that the issue will be discussed as the debt found by the regulator’s representatives is more than 50 billion roubles <...>

“It is rare for bank owners except they are involved in the bankrupcy procedure through judicial punishment”, says Project Manager for bankruptcy cases of Pavlova&Partners law firm Sergey Levichev. “It is often for ordinary companies, but not for financial ones”. The lawyer points out that Mr. Motylev’s position as a chairman of the Board of Directors of the Bank - debtors’ representative - gives him severalfold possibilities of collection of information and even of some actions. “Now he can attend court sessions, read the case material, obtain information from the bankruptcy trustee and keep abreast of events “, says Sergey Levichev. However, Anatoly Motylev can’t file an action within the bankruptcy process - only the bankruptcy trustee and creditors which total claims are more than 10% from the total amount have such right. As a representative of the debtors he may attend in the creditors meetings, speak to the issues of agenda, but he has no right to vote (Art.12 of the Bankrupcy Law). But, after the warrant in the bank bankruptcy the debtors’ representative is granted a new procedural status (person participating in the bankruptcy procedure) and has right to challenge court orders including those had been taken before the debtor was recognised as a bankrupt and also the bank adjudication order.

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Ирина Кошечкина