“Banks Without Debts” — Comments of Oleg Ganyushin for RAPSI
Banks facing a difficult financial situation have the right to cancel their obligations to depositors who are creditors in terms of so-called subordinated loans. The Federal Arbitration Court of the North-Western District came to this conclusion on July 28. As a result of this decision Russian investors will lose about USD1 billion. "
Actions aimed at saving banks by means of a selective refusal to pay money to certain creditors brings to nothing the meaning of the bankruptcy legislation which is developing so rapidly in our country", - believes Oleg Ganyushin, a lawyer at Prime Advice Saint Petersburg Law Firm.