ELENA GLADYSHEVA, MANAGING PARTNER OF RI-CONSULTING. The editors of Pravda UrFO prepared an article about the progress of the bankruptcy of Inga oil сompany (part of Ruspetro). In September the cassation sent for a new review the case of the order of claim satisfaction for Trust Bank, the amount of claims of which exceeds 24 billion rubles.

Elena Gladysheva, Managing Partner of RI-Consulting, on what will be the consequences for Trust Bank if the court grants the request for subordination of the bank's claims? Do we understand correctly that in this case financial claims of the organization will be satisfied only after the settlements with creditors on the register? Will Trust Bank lose its status of pledge creditor and the right to vote at the meetings of creditors? Is there any established practice in arbitration on issues of subordination of claims?

The lawyer also evaluates in the article the chances of Trust Bank to keep the order on the register. What could be the argumentation of the bank in its defense at the next stage of the dispute? We understand that probably the argument of the bank will be tied to specific documents, with this question we rather try to understand in which direction the defense can move under the current circumstances.

Elena Gladysheva: "In case of subordination of the claims of an affiliated creditor, its claims are repaid after all claims of the third priority of the creditor claims register are settled. At the same time, the subordinated creditor retains almost all the rights of independent creditors, including participation in court hearings on the bankruptcy case, appealing the judicial acts adopted in the case, filing objections to the claims of creditors, filing complaints against the actions of the trustee in bankruptcy, participation in meetings of creditors without voting rights.

In the case of a secured creditor, he is entitled to rely on repayment of debts from the value of the pledged property in preference only to creditors of the same satisfaction order (i.e., subordinated order), with respect to creditors of higher priority order of satisfaction; the pledged creditor's advantages do not apply.

At the moment there is a more or less established position on subordination of the claims of affiliated creditors, which is formed thanks to the Judicial Practice Review on the inclusion of the KDL, approved by the Resolution of the Supreme Court Presidium dd. 29.01.2020, as well as several definitions of the Supreme Court (dd. 03.02.2022 No 307-EC19-23448 (3); dd. 20.08.2020 No 305-EC20-8593).

The main criterion for subordinating claims is the conclusion of an agreement by an affiliated person from which claims arose in the state of property crisis of the debtor under his control, when the controlling person, in fact, provided the debtor with compensatory financing to create the appearance of solvency of the debtor," the lawyer said.

You can learn more about the case and the expert opinion in the article