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VEDA Successfully Challenges Bankruptcy Judgment

22 February 2017
Upon application by VEDA, an appellate court had set aside the Moscow City Commercial Court’s judgment declaring a debtor company bankrupt and instituting bankruptcy proceedings against it

Our lawyers managed to prove that the judgment blatantly contradicted the facts of the case, resulting in the creditor’s application being considered under Chapter IX of the Federal Law on Insolvency (Bankruptcy), a simplified procedure that allows a debtor entity to be declared bankrupt without putting it under monitoring to restore its solvency. During the hearing of the appeal filed by the debtor company, we proved that the company’s founders had stopped the voluntary liquidation procedure after one of its creditors had initiated the bankruptcy proceedings so that the trial court had no right to begin the receivership proceedings.

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