Vasil Kisil & Partners successfully represented an individual debtor in an insolvency case
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.