Vasil Kisil & Partners’ lawyers have successfully concluded a case involving the insolvency of an individual debtor under a mortgage loan agreement in foreign currency concluded before the global financial crisis of 2008.
Prior to the full-scale invasion by the russian federation, Vasil Kisil & Partners applied for the opening of insolvency proceedings concerning the individual debtor to the Commercial Court. Despite objective obstacles and uncertainties about the future, the team managed to get the case to the end, representing the client at each stage of the process (debt restructuring/repayment).
Upon consideration the application and conducting a comprehensive analysis of the debtor's financial standing, the court rendered a decision to release the client from any further obligation to fulfil monetary claims of creditors totalling over UAH 3 million. Meanwhile the claims of other creditors that were rejected by the court or not asserted in the proceedings are deemed satisfied, and all enforcement documents related to these claims were declared non-executable.
As the prolonged indebtedness of the client was accompanied by the commencement of several enforcement proceedings with the imposition of seizures on all of the debtor's property, in the final phase of this project, lawyers of Vasil Kisil & Partners secured the cancellation of seizures on both movable and immovable property of the client and the removal of respective records from the registers.
Thanks to the competent legal support of lawyers from Vasil Kisil & Partners, the client has finally been granted the opportunity to start afresh – free from debts and seizures after more than twelve years in a debtor's status.
The project was carried out by a team of lawyers under the supervision of counsel Yurii Kolos, comprising of Hanna Rud and Yana Hembarovska.
For more details please contact Olga Shevchenko, PR Manager
Tel.: +380 67 358 47 82
E-mail: shevchenko@vkp.ua
About the Firm
Established in 1992, Vasil Kisil & Partners is a Ukrainian law firm that delivers integrated legal advice in banking & finance, mergers & acquisitions, capital markets, antitrust, competition and trade, dispute resolution, public advocacy, tax law, energy and natural resources law, intellectual property law, labor and employment law, real estate and construction law, as well as PPP, concessions and infrastructure law. Vasil Kisil & Partners is a member and exclusively represents Ukraine in such international professional associations as TerraLex (160 law firms in 100 countries), Cathay Associates (40 high-profile law firms with over 500 headcount worldwide in 43 major cities and countries across Europe and Asia) and Ius Laboris (1700 labor and employment lawyers in 50 countries). Andriy Stelmashchuk is a managing partner of Vasil Kisil & Partners law firm.
