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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 insolvent. The courts of three instances consistently refused to accept the application, justifying their position by the absence of the creditor's outstanding debt. However, the assignees turned ...

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