EQUITY Team Yet Again Successfully Protects Interests of Azovmash Group

Following the hearing of an appeal of Azovelektrostal’ Private Joint Stock Company, we managed to have claims of creditors reduced by the total amount of more than 1.6 billion hryvnas.

The Northern Commercial Court of Appeal has sided with the debtor in the case of bankruptcy of Azovelektrostal’ Private Joint Stock Company and reversed the decision of the court of first instance to approve the register of creditors’ claims in the part of crediting banks in the total amount of more than 1.1 billion hryvnas out of which Ukreksimbank PJSC was refused 524 million hryvnas, Sberbank PJSC was refused 292 million hryvnas, and Raiffeisen Bank Aval JSC was refused 287 million hryvnas.

EQUITY lawyers proved the legal stance in regard to the need to differentiate the legal nature of interest for lawful utilization of the loan during the crediting term and interest for unlawful utilization of the loan.

Besides, the court of appeal confirmed the impossibility of including claims of Ukreksimbank in the amount of 573 million hryvnas of penalties to the company which was located in the zone of the anti-terrorist operation.

EQUITY team keeps on making its contribution into formation of new approaches in the sphere of bankruptcy and restructuring of problem indebtedness.

An EQUITY team made up of an EQUITY partner Oleg Malinevskyi, counsels Dmytro Tylipskyi and Oleksiy Stepanenko, senior associate Yaroslav Labatuik as well as a junior associate Oleksiy Kobal have been working on the project to restore solvency of Azovmash group.