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What should bankruptcy trustee do after the sale of collateral

... containing clarifications. Thus, the positions of the Supreme Court of Russia do not have retroactive effect and cannot be applied before the date of their official publication. In a situation where, in the course of bankruptcy proceedings, funds from the sale of property are distributed without taking into account the points listed above, the manager is obliged to offer creditors to return excessively received funds to the bankruptcy estate. If the creditors refuse, the anti-crisis manager has the right ...

Supreme Court of Russia deprived bankruptcy trustee of remuneration due to bad faith

The Economic Board considered the issue of payment of remuneration to the bankruptcy trustee of the debtor, which was calculated according to the results of the sale of property at auction. The application was rejected by the first instance, however, the appeal and district courts canceled the judicial act, and the claims of the trustee were satisfied. The Supreme Court of Russia figured out the issue and rejected ...

Court: the winner of the auction can challenge the actions of the manager as a defense

The Arbitration Court of the North-West District considered the complaint of the winner of the auction, with whom the contract for the sale and purchase of the property being sold within the framework of the bankruptcy case was not concluded. Instead of it, the organizer published an announcement about the cancellation of the auction, despite the fact that the procedure had already been carried out. The courts of first and appeal instances dismissed the applicant's claims, citing the lack of the...

The court clarified the specifics of selling weapons at auction

The Arbitration court of the Moscow District considered the case on the complaint of one of the creditors, who did not agree with the plan for the sale of the debtor's property proposed by the bankruptcy trustee. The question concerned several weapons, which the trustee proposed to sell in one lot, while the creditor considered it more correct to sell each unit separately. The courts of the first and appellate instances supported the trustee, but the district court canceled their decisions. The...

THE COURT: THE AMOUNT OF BANKRUPT’S PROPERTY SALE FEE SHOULD BE FIXED

The case, in which the financial manager of the debtor and the pledged lender could not come to a common opinion, has recently been transferred for consideration of the Commercial Court of the Moscow District. The question concerned the procedure for the sale of the pledged property. The lender offered to resort to the services of a company that had been found by him, which required a sale fee of the value of the items sold as a reward. The manager insisted on his own services. The court of both...

LATVIAN RAILWAY PUTS RAIL SCRAP UP FOR AUCTION

Latvian Railways (LDz) Company, being on the verge of bankruptcy, made a decision to put 4.3 thousand tons of scrap metal up for auction, having dismantled part of the railway track, including rails no more than 12.5 meters long, fastenings, car retarders, switch elements and wheels. The opening price is € 230 per ton. The company seeks to get out of the crisis associated with the collapse of freight traffic by means of the auction. The culprit is the policy of the Russian authorities, who decided...

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