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THE COURTS HURRIED TO BRING THE HEAD OF DEBTOR TO SUBSIDIARY LIABILITY AND MADE A MISTAKE

... bringing him to subsidiary liability, was submitted to the Arbitration Court of the North-West District. The judges of the first and the appellate instances came to the conclusion that it was necessary, however, this decision was considered erroneous in cassation. The bankruptcy trustee submitted an application for bringing the head of debtor to subsidiary liability and referred to several circumstances at once. Among them, there were untimely transfer of the debtor's documentation, causing harm to creditors by a number of transactions and failure to file a bankruptcy petition in a ...

THE COURT REJECTED LEGAL SUCCESSION AFTER SATISFYING ALL THE CREDITORS’ CLAIMS

... supposed to take place on the initiative of a third party in connection with the satisfaction of all the register claims to the debtor's creditors. However, the creditors did not agree with this state of affairs and contested the judicial acts of the ... ... recalling that in such a situation, other legal consequences arise, for example, the termination of the bankruptcy case. The cassation instance indicated that the substitution in bankruptcy can only be possible in a situation where the debt to the creditor ...

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