We know everything about bankruptcy
15/05/2024
Wednesday
15 May 
1970 The first line of the Moscow Metro from the Sokolniki station to the Culture Park was opened.
1970 The first line of the Moscow Metro from the Sokolniki station to the Culture Park was opened.
1970 The “godless five-year plan” was announced, the aim of which was to “to forget the name of God in the country” by May 1, 1937.
1970 The “godless five-year plan” was announced, the aim of which was to “to forget the name of God in the country” by May 1, 1937.
1970 Portugal declared its bankruptcy.
1970 Portugal declared its bankruptcy.
THE SUBSIDIARY CASE WITH A GUARANTEE FOR THE OBLIGATIONS OF AN AFFILIATED PERSON WILL BE REVIEWED
The Court of first instance concluded that at the time of the conclusion of the surety agreements, the debtor had no signs of insolvency, and the holding company, whose obligations were secured by the debtor, was not in a crisis situation. Although it was his unsatisfactory situation that led to the bankruptcy of the debtor, according to the court. The claims were denied, the appeal decision was upheld.
However, the cassation instance pointed to an incomplete study of the circumstances by the lower courts and sent the case for reconsideration. So, the courts had to find out how the debtor's financial condition was affected by the actions of the persons controlling him to issue sureties for the companies included in the holding. The debtor did not receive any benefits from lending to the holding, as he was not connected with it by general economic activity. The issuance of sureties entailed for him only a disproportionate increase in accounts payable.
In his complaint, the creditor indicates that part of the guarantees was issued after the debtor had a delay in the amount of 300 million rubles. At the same time, the surety agreements were not reflected by the controlling persons in the debtor's accounts. This behavior may indicate that the persons controlling the debtor are conducting risky operations and simultaneously suppressing the actual financial and economic condition of the debtor to the counterparties.
All these statements of the creditor are subject to additional verification by the court, because if the information provided by the creditor is true, then this indicates the implementation of a business model in the holding company that assumes the accumulation of a significant debt burden from the debtor to independent creditors in the absence of any economic benefit for the debtor himself. Such actions are unfair from the point of view of bankruptcy legislation.
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