THE SUPREME COURT WILL EXPLAIN THE CASES WHEN LIQUIDATION DOES NOT TERMINATE THE GUARANTEE

The Supreme Court is considering a draft resolution of the Plenum on the specifics of the application of the rules on surety in bankruptcy cases. At the Plenary session on June 27, some provisions of the future document were discussed.

Thus, according to the text of the draft, the guarantee does not terminate in connection with the liquidation of the debtor-legal entity (for example, as a result of the end of bankruptcy proceedings), if the claim to the guarantor was presented by the creditor before the liquidation of the debtor. A similar mechanism is provided for in the case of the release of the debtor-citizen from the subsequent performance of obligations.

The draft also provides for the involvement of guarantors as third parties when considering the creditor's claim in the debtor's bankruptcy case and granting them a number of procedural rights, including the right to appeal judicial acts. When considering the creditor's claim to the bankrupt guarantor, the debtor himself may be involved as a third party in a similar way.

Among other innovations is the restriction of the right of the guarantor, who partially satisfied the creditor's claims for reimbursement of expenses from the bankruptcy estate. From now on, such a guarantor cannot compete with a creditor for the distribution of the bankruptcy estate. The claims of the guarantor and the creditor, the debt to which the guarantor has partially repaid, in this case are considered consolidated. Compensation to the guarantor from the bankruptcy estate, based on the new approach, can be paid only after full satisfaction of the creditor's claims.

The resolution will be reviewed again at a meeting of the Plenum of the Armed Forces of the Russian Federation on Thursday, June 29.

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