“No - to formalism, yes - to creditors’ interests” - says the Supreme Court’s “bankrupt” decision

Sergei Levichev, bankruptcy practice manager and lawyer, commented on the SC RF decision on the problem.

Creditor with almost a million-worth debt was aiming for introduction of a bankruptcy procedure towards contract partner, but the third party discharged a bankrupt by reducing it to 299 thousand rub. So as far as threshold amount in bankruptcy law equals to 300 thousand rubles, the courts refused to introduce monitoring procedure. The Supreme Court disagreed with it and took decision in creditor’s favor. That will give a hard time to unfair debtors with signs of insolvency <...>

Sergei Levichev, bankruptcy practice manager of Pavlova&Partners law firm, thinks that decision of the SC is very convenient. Levichev thinks that cooperative processing of several claims exceeding 300 thousand rubles will speed up the process of taking decision on implementation of bankruptcy proceedings.

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Ирина Кошечкина