The Supreme Court allowed creditors to request information about the relatives of bankrupts

The Supreme Court allowed creditors to request information about the relatives of bankrupts. Withdrawal of assets from bankrupt companies.

The Supreme Court allowed creditors to request information about the relatives of bankrupts. This will greatly complicate the use of relatives to withdraw assets from bankrupt companies.

The Supreme Court allowed creditors to request information about relatives of bankrupts - in the course of the bankruptcy case of Segezha Seti LLC, the bankruptcy trustee applied to the registry office for information about the family ties of the debtor's controlling persons (CDL) Sergey Znamensky and Igor Yarokhovich, since according to the information contained in the Unified State Register of Legal Entities , the shares in the authorized capital of the company are distributed as follows: 1/3 from the company itself, 1/3 from Znamensky and 1/3 from Yarokhovich; Therefore, on the basis of Art. 61.1 of the bankruptcy law, they are CDL, and on the eve of bankruptcy, they could transfer assets to their relatives, Vedomosti writes.

By its decision in the case of LLC Segezha Seti, the Supreme Court limited the ability of debtors to hide assets, the court ruled to require information about relatives, relatives of Znamensky and Yarokhovich in the Department of Civil Status of the Republic of Karelia. This is stated in part of the decision of April 22, 2021.

Lawyers expect that this decision could break the established practice of using relatives to withdraw assets from bankrupt companies. Having full information on all close relatives at hand, it becomes easier for the manager to establish transactions that can and should be challenged without missing the deadline for challenging them. This will allow you to meet all the requirements of creditors as much as possible.

Companies are more cautious about the consequences of the Supreme Court decision, believing that the sharing of enhanced data harms the interests of third parties who may be real buyers, regardless of the presence or absence of family ties. Disclosure of personal data to a civilian who is an arbitration manager may be used by him for purposes not related to the exercise of powers.

One of the ways to pay off debts in the event of bankruptcy is to return the property and bring everyone to subsidiary liability. Elizaveta Razina, Senior Associate at Vetrov & Partners Law Firm, will tell you more. We positively perceive any practice related to the determination of the real controlling persons of the debtor. Therefore, revealing the nature of the relationship between any persons related to the debtor may favorably affect the satisfaction of creditors' claims.

We will be happy to provide you with legal assistance regarding the minimization of legal risks and available opportunities. We will try to find a solution that is right for you.

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