Moscow law office "Kovalev Tugushi & partners"


“Trust”, the largest creditor of JSC “Otkritie Holding” with a debt of 450 billion rubles, filed a bankruptcy petition against JSC “Otkritie Holding” with the court soon after JSC “Otkritie Holding” filed the petition to declare itself a bankrupt. Parties compete for control of the bankruptcy procedure.

Competition for bankruptcy. “There is always a competition of petitions if there are several. If the first petition is dismissed for some reason than the second one is satisfied. If the court accepted the second petition for hearing than the proceedings couldn’t be terminated – says the managing partner of law firm “Kovalev, Tugushi and partners” Sergey Kovalev. “The court will consider the petition which was filed first.

The court can dismiss the petition if it was filed with a mistake, - continues Kovalev: “Mistakes can be procedural if, for example, the deadline has not expired after the publication of the statement of intent to file the bankruptcy petition (under the bankruptcy law, a statement of intent must be filed at least 15 days before a bankruptcy petition). - RBC).” But there are disputes whether the debtor is obliged to always publish such statement of intention”, - the expert makes a reservation.

Sergey Kovalev Restructuring and insolvency