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Arzinger's Dispute Resolution practice has successfully completed two bankruptcy cases of former distributor partners in favour of the client (large international company). Thus, on March 28 and May 30, the Commercial Court of Donetsk Region approved the settlement agreements concluded in the cases.
As the creditor under the agreements, the client received a partial repayment of debts in two bankruptcy cases. The debtors, creditors and investor came to a mutual understanding.
Although the Insolvency Procedure Code of Ukraine does not provide for settlement agreements, Arzinger's lawyers managed to find the optimal formula (which was also confirmed by the court) based on the established legal position of the Supreme Court and the rules of the Commercial Code of Ukraine applicable in insolvency proceedings.
The case is notable for many difficulties, starting with the process of collecting evidence to prove that the debtors were driven into bankruptcy (before the insolvency procedure, the debtors changed the founders and directors as well as stopped reporting to tax authorities, taking actions to withdraw assets and conceal documents) and ending with the initiation of numerous court cases to invalidate questionable transactions of the debtors, reclaiming property, searching for the assets siphoned off by the debtors and seizing them (putting vehicles on the wanted list).
It is important that analyzing the debtors' financial condition and doing proper preparatory work is a priority for building a strong position in court and providing the basis for stakeholders to start looking for a composition rather than continue to conceal assets.
The project was led by Ievgen Diadiuk, Counsel, PhD and attorney-at-law, and the previously involved former employees, Counsel, arbitrator, Anton Molchanov and Associate, attorney-at-law, Olena Sobchenko.