CASE STUDY
A guarantor of someone else’s 41-million-rouble loan declared bankrupt
Persuaded by his former employer, Mr Sh. guaranteed a business loan — and ended up owing more than 41 million roubles. On a petition prepared by lawyers of the partner firm, the Moscow Commercial Court declared him bankrupt and opened asset realisation.
- Category
- Personal bankruptcy
- Period
- 2020
- Key figure
- 41 million ₽ of a guarantor’s debt — discharged through bankruptcy
Handled by lawyers of Kovalev & Partners LLC — the bar association’s partner law firm
The task
Persuaded by his former employer, Mr Sh. stood as guarantor for a loan taken by the company to grow its business. The company defaulted, leaving Mr Sh. — a driver on a modest salary — liable for more than 41 million roubles.
What we did
Given the amount and the length of the default, a petition to declare Mr Sh. bankrupt was prepared on the basis of his documents and filed with the Commercial Court of Moscow.
The outcome
The court found the statutory signs of insolvency, declared him bankrupt and opened a six-month asset-realisation procedure (case No. А40-148257/2020).
The result in one case neither guarantees nor implies a similar result in another. Bankruptcy is declared by the commercial court.
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