The legal company “Paradigma” protected rights of creditors in the case of bankruptcy of the JSC “Smolenskiy Bank”
Deposit Insurance Agency (DIA) in the case of bankruptcy of JSC ‘Smolenskiy Bank” filed an application of invalidation of the sale and repurchase agreement that was concluded between the bank and an individual. The subject of the agreement was sale and purchase of shares of the two leading companies with overall cost of more than 70 mln. rub.
Deposit Insurance Agency referred to the paragraphs 1 and 2 of the clause 61.2 of the Federal Law № 127 “On bankruptcy” dated 22 October 2006 in support of their position. The Agency argued that the agreement was concluded on unequal terms and with violation of the priority of claims of other creditors.
The legal company "Paradigma" represented the interests of an individual who acts as a counterparty to a bank in a sale and repurchase agreement. Lawyers of the company provided convincing evidence refuting the arguments of the DIA about the discrepancy of the transaction to market conditions and evidence of compliance with the requirements of legislation when the transaction was committed. In turn the DIA did not provide any valid evidence confirming the discrepancy between the price of the contract and the quotations that was valid at the time of the transaction. As a result of the trial held on 31 May, 2017 the court did not satisfy the application of DIA.