RusBankrot
We know everything about bankruptcy
19/02/2026
Thursday
THIS DAY IN HISTORY:
19 February 
1970 The Cuban leader, Fidel Castro, announced his retirement from the politics
1970 The Cuban leader, Fidel Castro, announced his retirement from the politics
1970 The oldest Korea's bank, Shinhan Bank, was opened
1970 The oldest Korea's bank, Shinhan Bank, was opened
1970 The French mathematician and astronomer Urbain Leverrier presented the first world's weather forecast
1970 The French mathematician and astronomer Urbain Leverrier presented the first world's weather forecast
19 February
1970 The Cuban leader, Fidel Castro, announced his retirement from the politics
1970 The Cuban leader, Fidel Castro, announced his retirement from the politics
1970 The oldest Korea's bank, Shinhan Bank, was opened
1970 The oldest Korea's bank, Shinhan Bank, was opened
1970 The French mathematician and astronomer Urbain Leverrier presented the first world's weather forecast
1970 The French mathematician and astronomer Urbain Leverrier presented the first world's weather forecast
THE SUPREME COURT CONFIRMED THE CANCELLATION OF THE SETTLEMENT AGREEMENT IN THE CASE OF THE CO-FOUNDER OF DONSTROY
In the spring of 2018, the Metropolitan Court (AS GM) ruled in the case of Maxim Blazhko, the co-founder of the Donstroy group, declaring him financially insolvent (case no. A40-174896/2017). The reason for launching this procedure was the claim of the Deposit Insurance Agency (DIA). Almost seven years later, in March last year, the first instance met the financial manager halfway and approved a compromise deal between the entrepreneur and his creditors.
The terms of this settlement agreement implied significant concessions from creditors. They agreed to write off 87% of the total debt, which amounted to 13.8 billion. At the same time, Blazhko committed to pay the remaining 1.75 billion, setting a deadline of 2027.
But not everyone was satisfied with the peaceful resolution of the conflict. The DIA and one of the bankruptcy creditors protested by appealing (9th AAC). In their complaint, they insisted that the approved agreement was essentially a preference transaction, grossly violated the statutory priority of claims and contradicted the basic principles of insolvency law. The court of appeal rejected these arguments, leaving the decision in force.
The situation was reviewed at the level of the Cassation Court (the Moscow District Court), which took the opposite position last September. The court found that the decision to approve the settlement agreement was unjustified and overturned the acts of the lower courts, ruling to resume the bankruptcy process.
The final point in this case was put by the Supreme Court of the Russian Federation, to which Blazhko complained. He tried to challenge the district court's findings by filing a statement at the end of 2025. But the judge of the Supreme Court of the Russian Federation, Ivan Razumov, refused to transfer this lawsuit to the Judicial Board for Economic Disputes (SCES of the Supreme Court of the Russian Federation). This means that the cancellation of the transaction with creditors remains in force, and the insolvency procedure against the entrepreneur continues. The Supreme Court confirmed the validity of the conclusions of the Moscow District Court, finally refusing to review the case.
Photo: totdom.com
The terms of this settlement agreement implied significant concessions from creditors. They agreed to write off 87% of the total debt, which amounted to 13.8 billion. At the same time, Blazhko committed to pay the remaining 1.75 billion, setting a deadline of 2027.
But not everyone was satisfied with the peaceful resolution of the conflict. The DIA and one of the bankruptcy creditors protested by appealing (9th AAC). In their complaint, they insisted that the approved agreement was essentially a preference transaction, grossly violated the statutory priority of claims and contradicted the basic principles of insolvency law. The court of appeal rejected these arguments, leaving the decision in force.
The situation was reviewed at the level of the Cassation Court (the Moscow District Court), which took the opposite position last September. The court found that the decision to approve the settlement agreement was unjustified and overturned the acts of the lower courts, ruling to resume the bankruptcy process.
The final point in this case was put by the Supreme Court of the Russian Federation, to which Blazhko complained. He tried to challenge the district court's findings by filing a statement at the end of 2025. But the judge of the Supreme Court of the Russian Federation, Ivan Razumov, refused to transfer this lawsuit to the Judicial Board for Economic Disputes (SCES of the Supreme Court of the Russian Federation). This means that the cancellation of the transaction with creditors remains in force, and the insolvency procedure against the entrepreneur continues. The Supreme Court confirmed the validity of the conclusions of the Moscow District Court, finally refusing to review the case.
Photo: totdom.com
09.02.2026
