Insolvency

Insolvency

Having a strong partnership with Government corporations - Deposit Insurance Agency, Credit Organizations Restructuring Agency - PRINCIPIUM companies (STRATEGY and TRINFICO, KG STRATEGIA) as certified advisers have formed a wide practice in matters of credit institutions’ insolvency, particularly return of banks’ bankrupt assets.

SbS-AGRO Bank

In the interests of GK ARKO Bank PRINCIPIUM employees assisted the bankruptcy of SbS-AGRO Bank, the largest Russian bank in 2002. During the 2 year liquidation the Group’s lawyers were supporting a bankruptcy manager’s activity of returning assets. As a result there were more than 50 law proceedings, including collection of overdued indebtedness under credit agreements in several constituent regions of the RF (Belgorodskaya and Saratovskaya regions, Chukotka Autonomous Okrug) in partnership with commercial and government institutions, including in Supreme Arbitration Court. These measures had a great influence on formation of the further law enforcement in this area.
Since 2007 the company is working on collecting credit indebtedness, contesting problem transactions and returning assets of the largest St. Petersburg’s commercial bank St. Petersburg Bank of Reconstruction and Development. The Group’s lawyers conducted more than 70 law proceedings on returning assets, formed a unique practice of contesting problem transactions conducted by the bank (debtor), with no money on the correspondent account before the imposition of the temporary
administration was formed.

The experience in disputing intrabank transactions in the period of a credit-bill portfolio for the correspondent account resulted in the case consideration by the Presidium of the Supreme Arbitration Court of the RF.

Employees of the Department of Criminal Cases represent former commercial bank’s management under the articles of deliberate bankruptcy, organization’s bankruptcy.
The PRINCIPIUM lawyers take part in the bankruptcy process of a large financial and credit corporation. As creditors’ defendant the lawyers participated previously in bankruptcy of several banks: Gloria Bank, Credo Bank, Inkombank. In particular, the lawyers carried out compulsory inclusion of creditors in the register, ensured participation in the creditors’ meetings, prepared cession of rights deals, intrabank transactions, offsetting before and during bankruptcy procedures. 

The Group employees participated in the bankruptcy of a shipyard in order to get control over it in the interests of the client. After the client’s redemption of the plant’s credit debts minority, the lawyers took actions to gain control over the enterprise by debts offset of the main creditors and debts offset guaranties for compulsory payments.

Support of Bankruptcy Procedures in the Interests of a Debtor

The Group employees are experienced in initiating and supporting banks’ bankruptcy in the debtor’s interests, protecting bank’s main assets from potential sanctions.
The Group employees legally supported preparation and implementation of a supervised bankruptcy in the debtor’s interests – a large business and industry depot in the Leningrad region with supervised allotment and sales of the main business (1,5 mln $). Until now lawyers are advising and supporting bankruptcy at the request of a debtor – a fish farming enterprise in the Murmansk region. Debtor’s assets protection, bankruptcy procedure and creditors’ appeal to the debtor are conducted within the frames of the project.