Nadmitov, Ivanov and Partners presents to your attention an infographic on the Review of judicial practice for resolving disputes related to the establishment in bankruptcy procedures of the claims of the controlling debtor and persons affiliated with him "(approved by the Presidium of the Supreme Court of the Russian Federation on 01/29/2020).
The infographics clearly demonstrate the conclusions reached by the Presidium of the RF Armed Forces (infographics at the end of the page):
Clause 1: the obligee, affiliated with the debtor, bears the burden of refuting reasonable doubts about the fictitiousness of the contract on which his claim filed in the bankruptcy case is based.
Clause 2 of the Review: the order of satisfaction of the creditor's claim cannot be downgraded only on the grounds that he is one of the persons affiliated with the debtor, including those who control him.
p. 3. If the person controlling the debtor provided him with financial support during the property crisis through a loan agreement, refusal to take measures to reclaim the debt, financing through a sale, contract, lease agreement, his claim is subject to subordination.
p. 3.4: all reasonable doubts about whether the financing was countervailing are interpreted in favor of independent lenders
Clause 4 the order of satisfaction of a claim of a creditor affiliated with a person controlling the debtor may be downgraded if this creditor provided compensation financing under the influence of the controlling person of the debtor
Clause 5 If the affiliated person of the debtor has fulfilled the obligation of the debtor to the external creditor and has received compensation for the performance performed by agreement with the debtor, the claim of such an affiliated person is not included in the register.
clause 6: downgrading of the claim of the controlling person received from the independent creditor during the debtor's crisis (provision of security, purchase of the claim, assignment of the claim from the independent creditor to the controlling person)
Clause 7 Assignment of a claim from a controlling person to an independent creditor -> downgrading of the assigned right of claim
Clause 8 If the controlling person is brought to subsidiary liability -> downgrade
Clause 9: If the sole purpose of the loan is to redistribute the risk in the event of bankruptcy -> lower the priority of the controlling debtor's claim
clause 11: the right to control the debtor in connection with the provision of financing does not lead to a decrease in priority if there is no purpose of participating in the distribution of the debtor's profit
Clause 12, the nominee of the receiver or a self-regulatory organization of the receiver must be chosen by persons not affiliated with or controlling the debtor.
Clause 13 Requirements of public law education are not subject to subordination, even if they are related to the provision of compensatory financing during a debtor's crisis.
Clause 14. The creditor, whose claim is recognized as subject to satisfaction in the order preceding the distribution of the liquidation quota, has the procedural rights of the person participating in the bankruptcy case
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The practice of Nadmitov, Ivanov and Partners in the field of bankruptcy and insolvency cases has been noted by leading Russian and foreign legal ratings:
1. Pravo.ru Top-33
2. IFLR1000 Restructuring and insolvency
Law Firm "Nadmitov, Ivanov and Partners" provides a wide range of services to represent clients in bankruptcy and insolvency cases, including:
on the inclusion of claims and on challenging the inclusion of claims in the register of creditors;
on bringing to subsidiary liability;
for affiliated loans;
challenging transactions;
to challenge the actions of the liquidator;
on collateral in bankruptcy;
in cross-border bankruptcy cases.
