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05/12/2025
Friday
THIS DAY IN HISTORY:
5 December 
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
5 December
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
THE BOUNDARIES OF A BORROWER'S INTEGRITY: WHEN USING CREDIT FACILITIES IS AN OBSTACLE TO DEBT RELIEF
The manager petitioned the court to complete the procedure for the sale of the debtor's property and release him from further fulfillment of creditors' claims (case no. A60-21979/23).
The application was partially satisfied by the courts of two instances, and the provisions of the law on exemption from obligations, with the exception of obligations to the company, were applied. The courts pointed out that the funds received from the company were not directed by the debtor for the purposes specified in the investment applications. After receiving funds from the creditor, the debtor transferred them to his personal account, from which he transferred funds for purchases in grocery stores, hardware stores and other personal needs. The courts concluded that the loan agreements were of a targeted nature, but the debtor, having misled investors, used the funds received for personal needs, and did not take measures to repay the borrowed funds.
The cassation sent the dispute for reconsideration in part, noting that the courts of the first and appellate instances formally approached the issue of the debtor's dishonesty, having established only the fact of money transfers to the debtor's accounts, but without evaluating the explanations and documents provided by the debtor, revealing the circumstances of the conclusion of loan agreements, the expenditure of funds, the reasons for the further impossibility of fulfilling their obligations. obligations.
Providing false information about the purpose of obtaining loans can be regarded as unfair behavior only if there is intent on the part of the debtor. However, such evidence has not been fully investigated. The Court of Cassation also stressed that taking on unbearable debt obligations due to an unbiased assessment of one's own financial capabilities cannot be a reason for not getting rid of debts.
Photo: Freepik
The application was partially satisfied by the courts of two instances, and the provisions of the law on exemption from obligations, with the exception of obligations to the company, were applied. The courts pointed out that the funds received from the company were not directed by the debtor for the purposes specified in the investment applications. After receiving funds from the creditor, the debtor transferred them to his personal account, from which he transferred funds for purchases in grocery stores, hardware stores and other personal needs. The courts concluded that the loan agreements were of a targeted nature, but the debtor, having misled investors, used the funds received for personal needs, and did not take measures to repay the borrowed funds.
The cassation sent the dispute for reconsideration in part, noting that the courts of the first and appellate instances formally approached the issue of the debtor's dishonesty, having established only the fact of money transfers to the debtor's accounts, but without evaluating the explanations and documents provided by the debtor, revealing the circumstances of the conclusion of loan agreements, the expenditure of funds, the reasons for the further impossibility of fulfilling their obligations. obligations.
Providing false information about the purpose of obtaining loans can be regarded as unfair behavior only if there is intent on the part of the debtor. However, such evidence has not been fully investigated. The Court of Cassation also stressed that taking on unbearable debt obligations due to an unbiased assessment of one's own financial capabilities cannot be a reason for not getting rid of debts.
Photo: Freepik
20.06.2025
