CHALLENGING THE PAYMENT OF DIVIDENDS AS A WITHDRAWAL OF ASSETS TO THE DETRIMENT OF CREDITORS

CHALLENGING THE PAYMENT OF DIVIDENDS AS A WITHDRAWAL OF ASSETS TO THE DETRIMENT OF CREDITORS

CHALLENGING THE PAYMENT OF DIVIDENDS AS A WITHDRAWAL OF ASSETS TO THE DETRIMENT OF CREDITORS
The manager appealed to the court with a demand to invalidate transactions on payment of dividends to interested parties (case no. A40-177363/23).

In rejecting the application, the courts of two instances proceeded from the lack of evidence of the grounds for the invalidity of the contested transactions. The arbitration courts concluded that the debtor's financial condition at the time of the dividend payment was satisfactory in accordance with the debtor's balance sheets. The debtor's solvency at the time of payment of dividends is confirmed by the following evidence: 
  • balance sheets for certain periods;
  • by the conclusion of the legal center;
  • the expert opinion of the Bureau of Forensic Examinations. 
In addition, the expert's conclusion established that at the time of the decision to pay dividends and after, the debtor did not meet the criteria of insolvency, had no outstanding obligations, and had sufficient assets. 

The cassation sent the dispute for reconsideration, pointing out that the arguments of the administrator about the presence of signs of the debtor's insolvency had not been properly investigated by the courts of lower instances. 

As the court noted, the arguments of the manager that as a result of the transactions made by the debtor, the debtor's assets were withdrawn, which caused damage to the creditors' property rights, were not investigated. The defendants have not refuted the arguments of the manager that the disputed transactions were made in favor of interested parties. The Judicial Board also noted that the register of creditors' claims of the debtor included the claim of one independent creditor for an amount that is significantly less than the size of the disputed transaction.

   

Photo: Freepik

26.01.2026