We know everything about bankruptcy
29/12/2024
Sunday
29 December 
1970 The 36-year civil war in Guatemala ended in reconciliation between the parties.
1970 Catherine II introduced paper money.
1970 Catherine II introduced paper money.
1970 The Russian Empire was divided into eight provinces by the decree of Peter I.
Supreme Court of Russia puts an end to the case on the subordination of the restitution claim
There was a dispute between the ‘Rial’ (debtor) and ‘Rosalco’ (creditor) companies. The latter provided the debtor with funding subsequently recognized by the court as compensatory funding, for which Rosalko received a restitution right to claim. With this right the company applied to the court to include the debt in the register of creditors’ claims.
The judge of the court of first instance took into account that the companies were affiliated and were subordinate to one beneficiary, while, despite the bankruptcy proceedings initiated against both companies, Rosalko subordinated the claims.
The Court of Appeal, the position of which was upheld by the district court, found such subordination impossible. The Board noted that both companies were in the process of bankruptcy, and that downgrading the claims of Rosalco will violate the rights and interests of its creditors.
However, the Supreme Court of Russia disagreed with this position. The Economic Board noted that the availability of grounds for downgrading claims does not depend on the creditor's insolvency. In addition, in the case under consideration, the transfer of funds in favor of Rial did not have any documentary justification, and was made during the period of financial instability of the latter. Thus, the restorative claims of the creditor in this case should and would be subject to subordination (decision No. 308-ES18-3917 (2) dated January 27, 2022 in case ¹ A20-3223 / 2017).
