CASE / PERSONAL INSOLVENCY
Guarantor released from debt of more than RUB 41 million
A guarantee given for a corporate loan left a driver on a modest income owing more than RUB 41 million. We assessed the signs of inability to pay, prepared the petition and obtained an order opening the realisation of assets.
- Headline figure
- RUB 41 million of guarantor's debt
- Practice
- Personal insolvency
- Year
- 2020
The task
Persuaded by his former employer, Mr Sh. gave a guarantee for a loan taken out by a company to develop its business. When the obligations were not met, Mr Sh. as guarantor became liable for a loan debt of more than forty-one million roubles. A driver on a modest monthly income, he had no means of paying a sum of that size.
What we did
- Assessed the period of default under the loan and the amount of the debt.
- On the basis of the documents provided by the client, prepared the petition to have Mr Sh. declared bankrupt.
- Filed the petition with the Arbitrazh Court of the City of Moscow.
The result
Having found the statutory signs of insolvency, the court declared Mr Sh. insolvent (bankrupt) and opened a six-month procedure for the realisation of his assets. Case No. А40-148257/2020.
This description reflects the result in a particular matter on particular facts. A result in one case neither guarantees nor implies a similar result in another.
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