Analytics Publications

27
July
2020

Bankruptcy payments circulation. Yugra’s bankruptcy assets have been increased under a special scheme

Source Kommersant


The information that the amount of RUB 1.4 bn has been included in the bankruptcy assets of the bank “Yugra” is being discussed on the forum of bank depositors. They, being the creditors, are primarily concerned when these funds will be paid for repayment of the bank’s debts owing to them; however, such information is not available yet.

SDIA has confirmed to Kommersant daily that, from 30 June to 9 July, the funds in the amount of RUB 1.39 bn arrived at Yugra’s account from third parties affiliated with the ex-owner of the bank for partial repayment of debts of Briz-21 LLC, Frit CJSC, M-Service LLC, RDPP JSC. “Three debtors are involved in a bankruptcy, and bankruptcy proceedings are initiated against the forth debtor, - SDIA has clarified. The bank, in its turn, is one of the creditors for these companies along with others”. Under the law on bankruptcy, the performance of debtor’s obligations by a third party after the institution of bankruptcy proceedings is permitted only by including the funds in the debtor’s bankruptcy assets for further proportional settlement with all creditors. “In the event that the funds are directly transferred to one of the creditors, such creditor acquires the right of preferential satisfaction of its claims over the claims of other creditors of the debtor, – SDIA has clarified. – There is a risk of challenging these actions and claiming the refund of these funds”.

Thus, the payment of these funds to the bank’s creditors is, for the time being, impossible. The Agency is currently analysing the situation in order to determine the possible further actions. “According to information received from representatives, acting on behalf of the debtors and third parties that have performed their obligations, applications for replacement of debtors in the registers will be filed by them shortly, — SDIA has added. — Once the creditor is replaced, a bankruptcy receiver will be able to use them promptly for settlements with creditors”.

In such a case, it is far from certain that RUB 1.4 bn will reach the creditors. According to Stanislav Shibulkin, associate of VEGAS LEX Bankruptcy projects, the satisfaction of claims of a particular creditor by a third party is prohibited, and the application for replacement of creditor in the register must be dismissed. “This point of view is expressed in Clause 28 of the “Overview of judicial practice concerning the matters related to participation of competent authorities in bankruptcy cases” approved by the Presidium of the Supreme Court of the Russian Federation on 20 December 2016”,— he clarifies.<...>

Alexey Khotin is under house arrest with regard to a criminal case over embezzlement of funds of the bank “Yugra”. On 19 April 2019, Basmanny District Court imposed this pre-trial restraint for two months. Thereafter, the court extended the period of house arrest several times, although the defendant’s defence counsel applied for mitigation of pre-trial restraint and, shortly before the court hearings, Mr Khotin demonstrated his willingness to assist in acceleration of settlements with creditors (see Kommersant daily of 20 May 2019). It happened this time again – On 15 July, Moscow City

Court left Mr Khotin under house arrest until 18 October.

See the full text of the article at https://www.kommersant.ru/doc/4432855

 

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