EQUITY defended the Bank “Finance and Credit” in a dispute with Ukraine International Airlines

On July 8, 2015 EQUITY lawyers successfully defended the interests of JSC “Bank” Finance and Credit “in the Higher Economic Court of Ukraine in a dispute with PJSC “Airline “Ukraine International Airlines” regarding amendments to the loan agreement.

The dispute has continued since January 2015 when UIA addressed a claim to the court with the corresponding requirements. In particular, the airline demanded to cancel the clause, which provides for early repayment of funds. Such requirement is unprecedented in banking practice, as it virtually eliminates the creditor’s right to demand the return of their funds, even if violations were committed on the part of the borrower. Economic Court of Kyiv, and later Kyiv Economic Appeal Court satisfied the claim of the airline, but the Higher Economic Court of Ukraine partially granted the appeal of the bank, returning the case for reconsideration.

In this way EQUITY lawyers defended the right of the bank for early refund. The client was represented by the team of lawyers supervised by partner Andriy Nikitin.