EQUITY defended the client's interests in the Supreme Court in a precedent-setting bankruptcy dispute of PJSC Ukrinom

EQUITY successfully defended the client's interests in the Supreme Court in a precedent-setting dispute.

The Bankruptcy Chamber of the Commercial Cassation Court within the Supreme Court considered the case with 7 judges. By a majority vote, they supported the position of our client and dismissed the cassation appeals of the Deposit Guarantee Fund and its appointed liquidator. This decision confirmed the legality of the initiation of bankruptcy case No. 913/266/20 of PJSC Ukrinom.

Thus, PJSC Ukrinom will continue its bankruptcy proceedings under the Bankruptcy Code of Ukraine.

We welcome this court decision, which brings certainty to the status of PJSC Ukrinom (formerly UKRINBANK), and is in the interests of the state, depositors and owners of the institution, allowing to recover debts from all borrowers who have not serviced their loans for years.

As PJSC Ukrinom has suffered significantly from the armed aggression of the Russian Federation, the ruling issued by the Supreme Court unblocks the efforts to recover all war damage caused to the client, the total confirmed amount of which significantly exceeds the obligations to all creditors.

All recovered funds will be used to settle accounts with creditors, including the Deposit Guarantee Fund.

We look forward to further constructive cooperation with the Deposit Guarantee Fund. The procedure for restoring the institution's solvency will be conducted in a transparent manner under the supervision of the court and the creditors' committee.

The EQUITY team working on the project consisted of Managing Partner Oleh Malinevskyi, Counsels Dmytro Tylipskiy and Oleksyi Stepanenko, and Associate Yaroslav Demchenko.