RusBankrot
We know everything about bankruptcy
03/05/2024
Friday
THIS DAY IN HISTORY:
3 May 
2021 World Press Freedom Day
2020 World Press Freedom Day
1957 Collective farms were transformed into the state farms in the USSR.
1957 Collective farms were transformed into the state farms in the USSR.
1841 New Zealand was declared a British colony.
1841 New Zealand was declared a British colony.
3 May
2021 World Press Freedom Day
2020 World Press Freedom Day
1957 Collective farms were transformed into the state farms in the USSR.
1957 Collective farms were transformed into the state farms in the USSR.
1841 New Zealand was declared a British colony.
1841 New Zealand was declared a British colony.
THE COLLECTION OF COLLATERAL MUST BE CARRIED OUT IN A TIMELY MANNER
The company appealed to the court with a demand to the bank to recognize the pledge of shares as terminated (case no. A40-253510/22).
Credit agreements were concluded between the bank and the company to secure obligations under which the company pledged the shares of a third party belonging to it to the bank.
Subsequently, the company was liquidated following the bankruptcy procedure.
The company, considering the pledge terminated due to the liquidation of the borrower (company) and the bank's failure to declare a claim for foreclosure on the collateral until the moment of liquidation of the borrower, appealed to the court with a corresponding claim.
The claim was dismissed by the courts of three instances, since the debt owed to the bank under loan agreements has not yet been repaid, the main obligation cannot be considered terminated, and, therefore, there are no grounds for termination of the pledge.
The Supreme Court of the Russian Federation sent the case for a new hearing and noted the following:
"Since the law connects the termination of the pledge with the termination of the main obligation, including the liquidation of the debtor legal entity under the main obligation, the plaintiff's claim to recognize the pledge of shares of the enterprise under pledge agreements as terminated is subject to satisfaction, and the pledgee, who has not filed a claim for foreclosure on the collateral before the termination of the pledge, has no grounds for refusaland from performing actions aimed at removing the registrar's record of the pledge of shares, with reference to the fact that the main (borrowed) obligation was not fulfilled before the liquidation of the debtor.»
Credit agreements were concluded between the bank and the company to secure obligations under which the company pledged the shares of a third party belonging to it to the bank.
Subsequently, the company was liquidated following the bankruptcy procedure.
The company, considering the pledge terminated due to the liquidation of the borrower (company) and the bank's failure to declare a claim for foreclosure on the collateral until the moment of liquidation of the borrower, appealed to the court with a corresponding claim.
The claim was dismissed by the courts of three instances, since the debt owed to the bank under loan agreements has not yet been repaid, the main obligation cannot be considered terminated, and, therefore, there are no grounds for termination of the pledge.
The Supreme Court of the Russian Federation sent the case for a new hearing and noted the following:
"Since the law connects the termination of the pledge with the termination of the main obligation, including the liquidation of the debtor legal entity under the main obligation, the plaintiff's claim to recognize the pledge of shares of the enterprise under pledge agreements as terminated is subject to satisfaction, and the pledgee, who has not filed a claim for foreclosure on the collateral before the termination of the pledge, has no grounds for refusaland from performing actions aimed at removing the registrar's record of the pledge of shares, with reference to the fact that the main (borrowed) obligation was not fulfilled before the liquidation of the debtor.»
23.01.2024
