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Supreme Court of Russia outlined who has the right to initiate simplified bankruptcy procedures

... instances considered that in the procedure used by the applicant it was illegal, however, the economic board recalled the peculiarities of legal relations. We are talking about an assignment agreement, under which the previous creditor of a citizen (a bank) sold the debt to him to another company. This company, due to the citizen's default on the loan, turned to the latter with a demand to repay the debt. Due to the fact that this did not happen, the assignee applied to the court to declare the individual ...

Supreme Court of Russia will clarify the procedure for initiation of bankruptcy of an individual by bank

... an application to terminate the proceedings on the claim, and the judge satisfied his request. The district court and the court of appeal supported the decision of judge. Despite this, the bank made a decision to fight and filed a complaint with the Supreme Court of Russia. The position of the lower courts was that the claims made by the bank were not indisputable, and there was a disagreement between the parties about the right, which should have been resolved outside the bankruptcy case. The opinion of the bank boiled down to the fact that the lower authorities interpreted the bankruptcy legislation incorrectly, which allowed credit institutions to initiate the process of insolvency of their debtors without arrears. The ...

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