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BANKRUPTCY DISCHARGE IS NOT ACCESSIBLE TO EVERYONE SUMMED UP THE SUPREME COURT OF RUSSIA

... property, while there were not enough funds to settle with creditors. The creditor who participated in the consideration of the application expressed disagreement with the cancellation of the debt, citing the bad faith of the bankrupt. However, the courts did not see any grounds for a rejection and satisfied the trustee’s claim. The creditor complained to the Supreme Court of Russia, which supported him. The highest court recalled that the bankruptcy legislation established the good faith standard, which allows only an honest debtor to be released from debts. When determining the criteria for his good faith,...

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