Bankruptcy case against a notorious developer

Vasil Kisil & Partners lawyers have successfully acted for Piraeus Bank ICB JSC (Ukrainian bank with foreign capital) before a court in a bankruptcy case brought against Ukoinvestbud, a member of the group of companies owned by notorious developer A. Voitsekhovskyi.

The case was commenced under the bank's petition. After publishing an announcement that the bankruptcy proceedings were initiated, another company took a legal action with the court having claimed UAH 800 mln allegedly under its assignment, surety, and loan agreements. This company stated that its claims against the debtor rested on an assignment agreement, under which it had claims against the debtor who acted as guarantor for the borrower under the loan agreement.

Vasil Kisil & Partners lawyers proved in the court that the debtor's UAH 800 mln surety agreement was invalid and protected interests of the bank as the principal creditor in the bankruptcy case. The court granted the bank's petition and invalidated the UAH 800 mln surety agreement made by the debtor.

Piraeus Bank ICB JSC is a member of the Piraeus Bank international banking group active in 8 countries. Founded in 1916, Piraeus Bank is the leading bank in Greece.