Shakhovets Anastasia

Senior lawyer

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+38 (073) 007-44-54 +38 (073) 007-44-49

Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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Case: The client was declared bankrupt and a significant portion of the debt in the bankruptcy case was written off

Restructuring and bankruptcy
Reading time: 3 min.
Authors
Shakhovets Anastasia Kolesnyk Ilya

Service: Bankruptcy of an individual

In September 2024, Olena contacted our law firm in connection with the opening of proceedings in the case of her insolvency. The goal was to successfully complete the procedure and recognize the monetary claims of creditors as repaid.

Analysis of the insolvency situation

The proceedings in the case of Olena’s insolvency were opened on 02/28/2024 by the Commercial Court of the City of Kyiv. A debt restructuring procedure was introduced, a restructuring manager, arbitration manager Baginsky Artem Oleksandrovych, was appointed, and a moratorium on satisfying creditors’ claims was established.

Before the appeal to the court, the total amount of the debt was UAH 918,607.53. However, in the course of the case, only JSC “Sens Bank” was recognized as a creditor in the amount of UAH 195,355.52, of which UAH 6,056.00 are expenses reimbursed until the creditors’ claims are satisfied, and UAH 189,299.52 are claims of the second stage. The restructuring manager was obliged to form a register of creditors’ claims and hold a creditors’ meeting.

On September 25, 2024, the Kyiv City Commercial Court terminated the debt restructuring procedure and declared Olena bankrupt, introducing a debt repayment procedure. The same arbitration manager, Artem Oleksandrovych Baginsky, was appointed as the manager of the debtor’s property sale.

Progress of the process

As part of the debt repayment procedure, the sales manager conducted an inventory of the debtor’s property. It turned out that the only property owned by the debtor and not excluded from the liquidation estate was an agricultural land plot with an area of ​​0.75 hectares in Vinnytsia region. The debtor’s apartment, located in Vinnytsia region, Pohrebyshche city, was excluded from the liquidation estate, since its area is 22.7 m2, which meets the criteria of the only place of residence of the debtor’s family, which cannot be subject to enforcement. Also, the land plots belonging to the debtor’s ex-husband were his personal property and could not be included in the liquidation estate.

On January 17, 2025, the creditors’ meeting approved the terms of sale of the land plot, which was successfully sold at a public auction for UAH 49,444.50. On February 18, 2025, Savchuk O.V. made the final payment, and on 02/19/2025 the Act on the purchase of property at the auction was signed.

From the funds received, the sales manager repaid the expenses of the creditor JSC “Sense Bank” in the amount of UAH 6,056 related to the payment of the court fee. The remaining funds were directed to repay the main remuneration of the arbitration manager for the period from 09/25/2024 to 02/28/2025.

On February 28, 2025, the creditors’ meeting approved the report of the sales manager on the results of the debt repayment procedure. A decision was made to apply to the commercial court with a motion to close the proceedings in the case.

Result

On 06/04/2025, the Commercial Court of Kyiv decided:

To approve the report of the manager of the debtor’s property sale.

  1. To complete the procedure for repaying the debtor’s debts.
  2. Close the proceedings on the debtor’s insolvency.
  3. Terminate the moratorium.
  4. Recognize the creditors’ monetary claims included in the register of creditors’ claims as settled, as well as monetary claims that arose before the opening of the proceedings but were not declared.

Photo confirmation of the work result

Thanks to consistent and professional actions, the team of Law Firm “Prіkhodko and Partners” ensured the full and proper implementation of the debt repayment procedure. The total amount of the written-off debt for Olena was UAH 869,163.03 (UAH 918,607.53 – UAH 49,444.50).

This result led to the successful closure of the insolvency case for the client.

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