The court of cassation agreed with a threefold reduction in the percentage of remuneration to Valery Kubelun, Financial Manager of Telman Ismailov

Under the law, the remuneration of an insolvency administrator consists of a fixed amount and the amount of interest. The amount of interest depends on the amount of satisfied creditors' claims and is from 3% to 7% of these claims.

During the bankruptcy of the former owner of Cherkizovsky market, the property was accumulated into the bankruptcy estate through contested transactions and asset searches, which was sold for 220 million rubles. Kubelun applied to the court for payment of 7% of this amount, i.e. >15 million rubles. The Moscow Arbitration Court granted the application in full.

However, the court of appeal, having considered the VTB's complaint, reduced the amount of interest to 5 million rubles. The court explained this by the fact that much of the work, from disputing the transactions to taking inventory and organizing tenders, was carried out not by Kubelun himself, but by persons he had engaged, whose services had already been paid for from the bankruptcy estate.

Even the court sessions were attended not by the financial manager himself, but by specialists involved, the court of appeal noted. The Arbitration Court of the Moscow District agreed with its conclusions.

Elena Gladysheva, Advocate, Managing Partner of RI-Consulting, explains the court's position. How acute is the issue of determining the percentage remuneration of the insolvency administrator?

Read more about Case A41-94274/2015 and the Advocate's opinion in the publication