EQUITY protects interests of Finance and Credit Bank

EQUITY lawyers successfully protected interests of Finance and Credit Bank PJSC in its dispute with Ukraine International Airlines PrJSC over changes introduced into a loan agreement.

Back in January of 2015 UIA filed a claim with the court to have the agreement on payment and cash services at Finance and Credit bank terminated and the remaining balance in respective accounts in the total amount of more than UAH 180 million collected in connection with allegedly unsubstantiated non-execution of UIA payment orders and, as a result, violation of contractual terms by the bank. Courts of first and appeal instances granted the claim of UIA as well as seized funds of the bank in 65 accounts (including its accounts at NBU). However, due to incomplete examination of the merits of the case and materials submitted by the parties the High Commercial Court of Ukraine remanded the case for a new trial.

By results of its final session the High Commercial Court of Ukraine granted cassation claims of the bank in part whereby actually unblocked its accounts and prevented arbitrary collection of the monetary funds by the air company from the bank, which is currently undergoing difficulties.