RusBankrot
We know everything about bankruptcy
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 SUPREME COURT HAS EXPANDED THE LIST OF CREDITORS WHOSE DEBTS MUST BE REPAID TO END BANKRUPTCY
The Supreme Court of the Russian Federation has made important adjustments to the procedure for completing bankruptcy cases. Now, termination of the procedure is possible only if the claims of not only the registered creditors, but also the so–called registered creditors, are fully satisfied - those whose claims, despite being recognized by the court, were not included in the three main queues. This means that even with the participation of an investor who wants to pay off the debts of the debtor company, the case cannot be completed until all confirmed obligations have been repaid.
The precedent arose against the background of the bankruptcy case of Like Wood LLC. First, the court included the company's debt to the creditor "Banishchanskaya cottage" in the amount of 21.1 million rubles in the third row. However, the appeal subsequently downgraded this debt, considering it to be the result of affiliated financing – that is, investments made during the crisis to maintain the company. This made the requirements "over-the-register".
Later, the investor expressed his willingness to close Like Wood's registered debts, and the arbitration agreed to complete the bankruptcy procedure. But Banishchanskaya Dacha appealed to the Supreme Court, seeking a review of the case.
The Supreme Court stressed that ignoring subordinated and over-registered requirements at the end of bankruptcy is contrary to the principle of financial recovery. If these debts remain outstanding, they may become the basis for a new bankruptcy claim, which undermines the stability of legal turnover. This is exactly what happened – after the formal completion of the case, Banishchanskaya Dacha re-initiated the bankruptcy of Like Wood.
The Economic Board of the Supreme Court drew attention to the fact that there are categories of debts in the legislation that are not formally included in the three stages, but are recognized by the court. These include, for example, compensation financing funds, claims for perpetual bonds, severance payments to management, as well as obligations under transactions deemed unfair. Their non-inclusion in the calculations at the end of bankruptcy distorts the meaning of the procedure.
The Supreme Court's decision became a key one, since earlier judicial practice interpreted the norms of the law in different ways. Many courts considered that termination of the procedure was possible after payment of only the registered debts. The new approach, on the contrary, requires taking into account also the claims of creditors who did not have time to show up on time, but whose claims the court recognized as justified.
Lawyers point out that this approach has both advantages and disadvantages. On the one hand, it ensures a real restoration of solvency and eliminates the risk of reopening due to remaining debts. On the other hand, it may complicate the search for an investor willing to repay debts, since the amount of payments may be higher than expected.
Nevertheless, the purpose of the Supreme Court is to protect all categories of creditors, including those who previously remained outside the procedures, but have legitimate grounds for a refund. It also prevents abuse by debtors and related structures who seek to formally terminate the procedure in order to replace the arbitration manager or withdraw assets during a "safe" period.
In 2024, 533 companies were able to complete bankruptcy proceedings due to debt repayment, including the participation of third-party investors. However, as the Supreme Court emphasizes, such cases should be accompanied by real financial recovery, and not an imitation of solvency.
Photo: Freepik
The precedent arose against the background of the bankruptcy case of Like Wood LLC. First, the court included the company's debt to the creditor "Banishchanskaya cottage" in the amount of 21.1 million rubles in the third row. However, the appeal subsequently downgraded this debt, considering it to be the result of affiliated financing – that is, investments made during the crisis to maintain the company. This made the requirements "over-the-register".
Later, the investor expressed his willingness to close Like Wood's registered debts, and the arbitration agreed to complete the bankruptcy procedure. But Banishchanskaya Dacha appealed to the Supreme Court, seeking a review of the case.
The Supreme Court stressed that ignoring subordinated and over-registered requirements at the end of bankruptcy is contrary to the principle of financial recovery. If these debts remain outstanding, they may become the basis for a new bankruptcy claim, which undermines the stability of legal turnover. This is exactly what happened – after the formal completion of the case, Banishchanskaya Dacha re-initiated the bankruptcy of Like Wood.
The Economic Board of the Supreme Court drew attention to the fact that there are categories of debts in the legislation that are not formally included in the three stages, but are recognized by the court. These include, for example, compensation financing funds, claims for perpetual bonds, severance payments to management, as well as obligations under transactions deemed unfair. Their non-inclusion in the calculations at the end of bankruptcy distorts the meaning of the procedure.
The Supreme Court's decision became a key one, since earlier judicial practice interpreted the norms of the law in different ways. Many courts considered that termination of the procedure was possible after payment of only the registered debts. The new approach, on the contrary, requires taking into account also the claims of creditors who did not have time to show up on time, but whose claims the court recognized as justified.
Lawyers point out that this approach has both advantages and disadvantages. On the one hand, it ensures a real restoration of solvency and eliminates the risk of reopening due to remaining debts. On the other hand, it may complicate the search for an investor willing to repay debts, since the amount of payments may be higher than expected.
Nevertheless, the purpose of the Supreme Court is to protect all categories of creditors, including those who previously remained outside the procedures, but have legitimate grounds for a refund. It also prevents abuse by debtors and related structures who seek to formally terminate the procedure in order to replace the arbitration manager or withdraw assets during a "safe" period.
In 2024, 533 companies were able to complete bankruptcy proceedings due to debt repayment, including the participation of third-party investors. However, as the Supreme Court emphasizes, such cases should be accompanied by real financial recovery, and not an imitation of solvency.
Photo: Freepik
07.07.2025
