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

The highest court considered the case, in the framework of which the debtor citizen was tried to be declared insolvent. The courts of lower 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...

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