A loan agreement in the amount of USD 7 million was concluded between the Client and its Counterparty. Subsequently, due to insufficient funds to repay the debt, the Counterparty offered to transfer equipment of comparable value to the Client as a collateral under the loan agreement. Lawyers carried out the structuring of the transfer of the equipment. As a result of the actions of the lawyers, the Client received actual ownership of the property, and not the right of pledge. However, due to the pre-bankruptcy status of the Counterparty claimed by the Arbitration Manager, there was a risk of a subsequent dispute in a bankruptcy procedure, and the decisions’ invalidation.
The lawyers managed to prove that the Client’s claims can be considered on the merits regardless of the results of the consideration of the claims of the Arbitration Manager filed in a bankruptcy case. As part of the consideration of the case in court, the Court decided to oblige the Counterparty to repay the debt and transfer to the Client property worth almost 400 million rubles. The Court of Appeal agreed with the legal position of the lawyers of Legal Studio and upheld the decision of the lower court.
Thus, lawyers achieved an outcome when the interests of the Client were met in a general-order procedure, without including creditors’ claims in the register and participation in the costly bankruptcy procedure.