EQUITY prevented an attempt at revising a lawful court decision

On February 12, 2019, the EQUITY team prevented an attempt at revising a lawful court decision in a case upon the claim by LLC “Frosby-M”, the owner of the Furshet supermarket chain, against PJSC “Zlatobank”. The remedy sought was recognition of the client’s obligations under a loan agreement terminated by way of set-off of reciprocal homogeneous debts under loan and deposit agreements for a total amount of more than USA $2 million.

In fact, that dispute was resolved in January 2017, when the Supreme Court of Ukraine affirmed the decisions of the lower instances made in favor of the client.

Subsequently, the Deposit Guarantee Fund filed a new appeal in more than two years after the date of the adoption of the contested decision. Although the time limit for appeals had been missed, the appellate court instituted appellate proceedings.

The Northern Commercial Court of Appeal agreed with the arguments of the EQUITY team in that the dispute did not affect the rights and interests of the Fund, and that the institution of the appellate proceedings was erroneous, since the Fund had provided inaccurate information, which was the reason for the groundless renewal of the period of limitation for appeals.

Upon consideration, EQUITY lawyers' motion to dismiss the appellate roceedings was granted by the court.

The project is still being attended by the team of EQUITY lawyers under the leadership of Serhiy Chuev, an EQUITY partner, with the participation of Olexiy Stepanenko, a senior associate.