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The Rustam Kurmaev and Partners team defended the interests of Russian Standard Bank in a dispute over challenging a transaction worth 38 billion rubles
11 March 2024

The team of the law firm “Rustam Kurmaev and Partners” defended the interests of Russian Standard Bank in a dispute over challenging transactions worth 38 billion rubles in the bankruptcy case of the MFO “Home Money”. The bankruptcy trustee demanded that transactions involving the sale of low-liquidity and unpromising claims with a total value of more than 38 billion rubles, acquired by the Bank from a bankrupt at a 90% discount for 3.6 billion rubles in the period from 2014 to 2017, to be declared invalid.  

When considering the dispute, two judicial financial and economic examinations were carried out to assess the real value of the rights of claim. At the same time, the lawyers of Rustam Kurmaev and Partners proved that the results of the first examination conducted by the institution recommended by the Deposit Insurance Agency were incorrect. As part of this examination, lawyers discovered the following violations:

  • the expert incorrectly selected analogue objects for comparison (exclusively information about the MFO market was used, while most of the rights of claim arose from consumer lending agreements);
  • when determining the market value of the rights of claim, information about the limitation period for claims for debt collection, the presence of enforcement proceedings against borrowers, as well as their bankruptcy was completely ignored.

The RCP team also substantiated in the courts that transactions for the period 2014-2017 are not interrelated, since they were completed over a significant period of time, and also differed from each other in the way the parties made payments.

As a result, the lawyers of Rustam Kurmaev and Partners achieved recognition in the courts of three instances of the unlawfulness of the financial manager’s claims, prevented the transactions from being declared invalid and helped avoid the recovery of 38 billion rubles from the client.

The interests of Russian Standard Bank, in collaboration with the Bank’s legal team, were represented by Rustam Kurmaev, Dmitry Kletochkin, Oleg Permyakov and Vladislav Geits.

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