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Supreme Court of Russia proposed to raise the limit of debt in case of out-of-court bankruptcy

The head of the Supreme Court of Russia, Vyacheslav Lebedev, proposed to raise the debt limit established in Russia for out-of-court bankruptcy of individuals. At a meeting of courts of general jurisdiction and arbitration with the participation of Vladimir Putin, the chairman of the Highest court of Russia summed up the results of the past year and announced the proposed changes. Among other things, Vyacheslav Lebedev mentioned that compared to 2020, during the previous year, the courts considered...

Is bankruptcy trustee obligated to offer a deal to the third auction participant?

A case in which the parties disputed the actions of a bankruptcy trustee was submitted for consideration of the Arbitration Court of the Moscow District. Some of the participants believed that he should had offered the deal to the third auction participant, while others believed that he should had initiated another procedure. The district court dealt with the legislative subtleties on this issue. As a part of the bankruptcy case, the trustee organized an auction for the sale of the receivables...

THE SUPREME COURT OF RUSSIA EXPLAINED THE PROCEDURE FOR INVOLVING THIRD PARTIES TO HELP THE BANKRUPTCY TRUSTEE

The Supreme Court considered the complaint of one of the creditors, who remained dissatisfied with the rulings issued by the lower courts. The issue concerned the claim of the trustee for payment of remuneration to the organizer of the auction in excess of the established limit. The courts considered this measure to be correct, referring to the decision taken at the meeting of creditors, as well as to the market value of the organizer's services and the complex specifics of the lots sold. However...

THE SUPREME COURT HAS INDICATED THE LIMITS OF THE CAPABILITIES OF MAJORITY CREDITORS

The Board of the Supreme Court considered the dispute on the choice of the arbitration manager. Two majority creditors voted for one candidate, and the lower courts supported them, but not the Supreme Court. The fact is that there were two insolvency procedures for the debtor. Within the framework of the first, the participants ...

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