Ilyashev & Partners has successfully represented PJSC SUMYKHIMPROM in the Kharkiv Commercial Court of Appeal in a case involving the recovery of UAH42,159,366 (£2m) in interest for disbursement of a loan brought by of PJSC JSCB INDUSTRIALBANK.
The Ilyashev & Partners project team included attorney Andriy Konoplya and attorney-at-law and head of the Kharkiv office Oleksii Khrystoforov.
Khrystoforov said: ‘Under the applicable legislation, if the enterprise is subjected to procedures under bankruptcy legislation, provisions of the Law of Ukraine “On Restoring Debtor’s Solvency or Declaring a Debtor Bankrupt” have priority over the general rules of law. It particularly applies to satisfaction of creditors’ claims. In practice, not all courts follow this rule.’
Pursuant to Resolution of 12 June 2014, the Court of Appeal quashed the decision of the trial court, which satisfied claims of PJSC JSCB INDUSTRIALBANK and closed the proceedings.