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We know everything about bankruptcy
16/09/2024
Monday
THIS DAY IN HISTORY:
16 September 
1970 "Black Wednesday" of the British pound sterling.
1970 The Montreal Treaty for the Protection of the Earth's Ozone Layer was signed.
1970 Mexico declared independence from Spain.
16 September
1970 "Black Wednesday" of the British pound sterling.
1970 The Montreal Treaty for the Protection of the Earth's Ozone Layer was signed.
1970 Mexico declared independence from Spain.
MISUSE OF THE LOAN RAISES DOUBTS ABOUT THE DEBTOR'S INTEGRITY
The debtor's manager applied to the court for the completion of the bankruptcy procedure and the release of the debtor from obligations (case no. A36-4334/22).
The courts of two instances satisfied the application, guided by the fact that the manager was provided with sufficient evidence confirming the completion of all necessary measures of the procedure for the sale of the debtor's property, in connection with which the bankruptcy procedure is subject to completion with the application to the debtor of the rules on exemption from further fulfillment of obligations to creditors.
The cassation sent the dispute for a new consideration in part and pointed out that during the period of suspicion, the debtor made a transaction for the alienation of vehicles. The grounds for challenging transactions have not been established by the manager.
Meanwhile, as follows from the case materials, a loan agreement has been concluded between the debtor and the bank under the "Autocredit" tariff plan, under the terms of which the debtor, in order to secure its obligations, must conclude a pledge agreement for a car purchased at the expense of credit funds.
The creditor refers to the fact that the loan is a target loan for the purchase of a car, which implies the obligation of the debtor to comply with the main condition – to purchase a car, as well as to pledge it to the bank, however, this was not done, while the provisions contained in the individual terms and tariff plan on increasing the interest rate in the case of The provision of collateral is aimed at protecting the interests of the bank in terms of the return of funds already issued, but does not cancel the debtor's obligation to use funds according to their intended purpose.
The debtor did not provide information about the reason why the condition on the intended use of the bank's credit funds was not met, for which they were actually spent.
The courts of two instances satisfied the application, guided by the fact that the manager was provided with sufficient evidence confirming the completion of all necessary measures of the procedure for the sale of the debtor's property, in connection with which the bankruptcy procedure is subject to completion with the application to the debtor of the rules on exemption from further fulfillment of obligations to creditors.
The cassation sent the dispute for a new consideration in part and pointed out that during the period of suspicion, the debtor made a transaction for the alienation of vehicles. The grounds for challenging transactions have not been established by the manager.
Meanwhile, as follows from the case materials, a loan agreement has been concluded between the debtor and the bank under the "Autocredit" tariff plan, under the terms of which the debtor, in order to secure its obligations, must conclude a pledge agreement for a car purchased at the expense of credit funds.
The creditor refers to the fact that the loan is a target loan for the purchase of a car, which implies the obligation of the debtor to comply with the main condition – to purchase a car, as well as to pledge it to the bank, however, this was not done, while the provisions contained in the individual terms and tariff plan on increasing the interest rate in the case of The provision of collateral is aimed at protecting the interests of the bank in terms of the return of funds already issued, but does not cancel the debtor's obligation to use funds according to their intended purpose.
The debtor did not provide information about the reason why the condition on the intended use of the bank's credit funds was not met, for which they were actually spent.
09.08.2024
