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Supreme Court of Russia resolved the issue of downgrading the claims of an affiliated creditor

... the courts. As part of the debtor's insolvency, the bankruptcy trustee of the creditor filed a claim to include the restorative debt in the register of creditors’ claims. It was formed as a result of the invalidation of the transfer of funds by the creditor in favor of the debtor with the recognition of the operation as compensatory financing. The court of first instance, taking into account the affiliation of parties and their subordination to one beneficiary, satisfied the claim, included the debt in the register, having subordinated it. However, this position did not survive further challenge of the judicial act. The appeal and the district ...

DISTRICT COURT PUT AN END TO THE CASE ON SUBORTINATION OF CREDITORS’ CLAIMS

... introduction of the monitoring procedure, the lender requested that the debt owed to him should be included in the register. The court of the first instance satisfied the application. However, the appeal court canceled the ruling, having found the fact of affiliation between the parties to the transaction. The result of consideration in the second instance was the subordination of the creditor's claims and a court order to pay off the debt to him after all other declared creditors. At the same time, the cassation instance indicated a number of theses that were not taken into account by the appeal. First of all, the board recalled ...

DISTRICT COURT CLARIFIED THE GROUNDS FOR SUSPENSION OF BANKRUPTCY TRUSTEE

... participation in the case. The board indicated that this issue had not been sufficiently investigated by the lower courts, which could have led to the adoption of erroneous judgments. When reconsidering the dispute, the court recommended to check the affiliation between the creditor, the debtor and the trustee in detail, and in case of its establishment, to remove the trustee from the performance of his duties ( decision in case №. А40-61943 / 2018 dated July 22, 2021).

THE COURT: PARTICIPATION IN THE CASE AS A THIRD PARTY IS NOT A GROUND FOR DOWNGRADING THE CLAIMS IN BANKRUPTCY

The Arbitration Court of the Moscow District considered the complaint of the creditor, the claims of which were downgraded by the lower courts due to affiliation with the debtor. As the basis for this, the fact of participation of the debtor and the creditor in another case as third parties was named. However, the district court did not agree with this interpretation of the law. The application for ...

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