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Supreme Court of Russia resolved the issue of the bank's beneficiaries brought to subsidiary liability

The Economic Board considered the case at the request of the bankruptcy trustee of the bank - the Deposit Insurance Agency - on bringing a number of beneficiaries of the credit institution to subsidiary liability. The positions of the judges of the lower instances were divided, the case went through not a single round of challenge and finally reached the Highest court of Russia. The DIA's claim was that the persons named in the claim were ...

Supreme Court of Russia refused to attract the director to the subsidiary liability due to the confusion with timing

... were issued prior to the initiation of the bankruptcy case. According to the court of first instance, during the disputed period, the debtor had not yet had the signs of insolvency, which in turn indicated the impossibility of bringing his director to subsidiary liability. The next two instances, on the contrary, considered the manager's arguments convincing, pointing out that during the disputed period, two judicial acts were issued on the collection of a large amount of debt, and the director should ...

THE SUPREME COURT OF RUSSIA CLARIFIED THE FEATURES OF BRINGING A HEAD OF COMPANY TO SUBSIDIARY LIABILITY

The bankruptcy trustee of the debtor demanded in court that the former head of the bankrupt company should be brought to subsidiary liability. The reason was the failure to file a bankruptcy petition in court in a situation of growing debts. The lower courts agreed with this, pointing out that the director had unreasonably omitted to act when the company's financial burden ...

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