Bankruptcy of Company Holiday: Payment Protection Against Challenging
A receiver in the bankruptcy case of Company Holiday OOO applied to the court to challenge the payments made by the bankrupt for the goods supplied by our client.
The client could have lost RUR 1.5 mln for several reasons.
Let’s look whether the receiver’s claims have been put off and the client’s money have been saved.
Case was handled by
A receiver in the bankruptcy case of Company Holiday LCC applied to the court to challenge the payments made by the bankrupt for the goods supplied by our client. The client could have lost RUB 1.5 mln since the amount was remitted six months after the court accepted the application on bankruptcy of the debtor.
The task of the lawyers was: to repel the receiver’s claims and save the client’s money.
The lawyers did the following:
1. Found information about the amount of debtor's assets in public sources. The comparison of payments and the size of assets showed that the 1% limit had been respected since it was a prerequisite for challenging payments.
2. Proved that the payments were specified in the supply contract executed long before they were made. The contract was being performed at the time the receiver’s petition was under consideration. That is, the settlements were made based on a stable relationship involving deliveries of goods.
3. At the hearing, pointed out that similar payments during the same period were made by the debtor in favor of other creditors. The debtor did not stop settlements. The receiver had already tried to challenge similar payments.
4. Proved that the client did not know and could not know that it was given preference in the settlement of accounts. The debtor’s business activities during the period when the payments were made clearly showed that the future bankrupt was actively cooperating with its counterparties. That way it tried to avoid financial collapse.