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“If an independent lender has provided even indirect evidence of doubtful debt formation, the affiliated lender must refute such doubts” — Anna Volynets for “Delovoy Peterburg”.

Time consuming and complex procedures for declaring debtor companies insolvent allow only 4,7% of the debts to be returned. How bona fide market participants can improve the effectiveness of such actions and protect "hard-earned wealth" was discussed by the participants of the "Bankruptcy-2020" conference by "Delovoy Peterburg". Anna Volynets, project manager of Prime Advice Law Office made a speech there.

One way of fraud is to include affiliates in the list of creditors. Often, during the bankruptcy of a company, it turns out that persons or other organizations associated with its owners allegedly provided loans, sometimes amounting to billions of rubles, which allows them to become the main creditors and, in fact, manage the procedure. In January, the Supreme Court of Russia clarified the controversial issues of countering such abuses on the one hand and protecting bona fide creditors on the other. Thus, the colourability (nullity) of disputed agreements of persons affiliated with the debtor is essentially presumed:

If an independent lender has provided even indirect evidence that the debt formation is doubtful, the affiliate must refute such doubts. On the other hand, the mere fact of affiliation is not the only reason for lowering the priority of satisfaction of the claim of such a creditor,

Anna Volynets explains.

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Photo by Sergei Yermokhin / "Delovoy Peterburg"