Kolesnyk Ilya

Attorney

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

Specialist in bankruptcy of individuals and legal entities. Provides legal support in bankruptcy procedures for individuals, private limited liability companies, legal entities, as well as closing executive proceedings, concluding restructuring and settlement agreements with financial institutions

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Case: They wrote off UAH 465,000 of debt and won in the Supreme Court regarding the creditor’s unfounded claims

Restructuring and bankruptcy
Reading time: 3 min.

Service: Personal bankruptcy and debt write-off

Case circumstances

A Client — Valerii — approached the law firm «Prikhodko & Partners» after finding himself in a critical financial situation caused by a significant debt burden.

At the time of обращения:

  • the total amount of debt was UAH 567,000;
  • the creditors included 11 financial institutions (banks and MFOs);
  • the debt was constantly increasing due to penalties, fines, and interest;
  • the Client was under active pressure from creditors and enforcement authorities.

In fact, the Client found himself in a so-called “debt pit” where independent repayment of the debt became impossible.

How did we help?

After a detailed analysis of the Client’s financial situation, the attorneys and lawyers of «Prikhodko & Partners» proposed using the personal insolvency procedure.

At the first stage, our team:

  1. prepared and filed an application to initiate insolvency proceedings;
  2. secured the introduction of a moratorium on satisfying creditors’ claims;
  3. stopped the accrual of penalties, fines, and interest;
  4. suspended enforcement proceedings and compulsory collection measures;
  5. provided legal protection to the Client against pressure from collectors and enforcement officers.

One of the key success factors was the proper procedural support of the case at the stage of creditors filing their claims.

According to the Bankruptcy Procedures Code of Ukraine, creditors have a limited period to submit their claims to the court.

Thanks to the professional support of the procedure:

  • 10 out of 11 creditors failed to submit their claims within the statutory period;
  • they effectively lost the right to demand repayment of the relevant debts;
  • the only active creditor remained LLC “Financial and Credit Supermarket” with declared claims amounting to UAH 163,333.

Court dispute and victory in the Supreme Court

The lawyers of «Prikhodko & Partners» disagreed with the amount of claims filed by the sole creditor, as a significant part of the amount consisted of unjustified commissions and additional charges.

The most disputed part was commissions amounting to more than UAH 157,000.

To protect the Client’s interests, our team:

  • prepared objections to the creditor’s claims;
  • conducted a detailed analysis of the loan documentation;
  • formed a legal position regarding the illegality of part of the charges;
  • initiated cassation appeal proceedings against the court decisions.

The case went through:

  1. the court of first instance;
  2. the Commercial Court of Appeal;
  3. the Commercial Cassation Court within the Supreme Court.

Result of the court dispute

The Supreme Court supported the legal position of the lawyers of «Prikhodko & Partners» and overturned the decisions of the previous courts regarding the unjustified claims of the creditor.

As a result:

  • an additional UAH 60,516 of unlawfully claimed debt was written off;
  • the Client’s financial burden was significantly reduced;
  • the most favorable restructuring conditions were achieved.

Final result for the Client

As a result of the entire procedure, a debt restructuring plan was approved on favorable terms for the Client.

The Client received:

  • a total payment amount of only UAH 102,000 instead of the initial UAH 567,000;
  • an installment payment plan for 28 months;
  • full write-off of UAH 465,000 of debt;
  • termination of pressure from creditors and enforcement authorities;
  • the opportunity for financial recovery without losing control over his life.

Photo confirmation of the work result

Calculate the cost of legal services for debt write-off

Why is this case important?

This case demonstrates that the personal bankruptcy procedure is not a formality and not an “automatic debt write-off.”

A successful result is possible only if:

  • the correct legal strategy is chosen;
  • there is timely response to the actions of creditors;
  • a deep analysis of loan documentation is conducted;
  • active court protection of the Client’s interests is ensured.

The lawyers of «Prikhodko & Partners» not only secured the write-off of most of the debt, but also successfully defended the Client’s interests in the Supreme Court, which made it possible to achieve the most favorable financial result.

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Do you need legal assistance in opening an insolvency case?

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