Supreme Court of Russia resolved the issue of the bank's beneficiaries brought to subsidiary liability

The Economic Board considered the case at the request of the bankruptcy trustee of the bank - the Deposit Insurance Agency - on bringing a number of beneficiaries of the credit institution to subsidiary liability.  The positions of the judges of the lower instances were divided, the case went through not a single round of challenge and finally reached the Highest court of Russia.

The DIA's claim was that the persons named in the claim were allegedly involved in making decisions that were economically unfavorable for the bank, which ultimately led to the debtor's insolvency.

In a number of instances, this position was supported, however, the Economic Board considered the fact of influence of the named persons on these decisions unproven.

The Supreme Court of Russia has identified a number of signs by which it becomes real to bring specific persons to subsidiary liability.

Among them, the following were named:

• the fact of a significant influence of the defendants on the activities of the debtor, established by the court;

• the comparability of the size of the resulting negative consequences from the transactions, the scale of the debtor's activities and the volume of creditors' claims;

• the benefit of the defendant from the transaction made by the debtor, established by the court.