Sergei Bakeshin helped Delovoy Peterburg to understand the desire of the ex-head of Baltinvestbank and Deposit Insuranse Agency to settle the dispute amicably

In 2019, the former chairman of the board of directors of Baltinvestbank, Yury Rydnik, was declared bankrupt. According to the decision of the courts of the first two instances, the businessman’s financial manager should sell Rydnik’s country house, which is pledged by Gazbank, also declared insolvent, with the Deposit Insurance Agency (DIA) acting as bankruptcy trustee. However, the financier appealed these decisions in the Arbitration Court of the North-West District, where he asked for time to settle the dispute with DIA peacefully.

Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, drew the attention of Delovoy Peterburg newspaper to the fact that the request to postpone the session of a Court of Cassation was filed not only by Yuri Rydnik, but also by Gazbank. According to the expert, this suggests that the latter (represented by Deposit Insurance Agency) is serious about the financier’s intention. “A reasonable creditor may waive his lien rights if he is sure that his claim will be satisfied at the expense of some other property. Since a debtor cannot pay off a single creditor in a bankruptcy case, it may be that Gazbank’s claim against Rydnik will be bought by a third party, which, having become a creditor, will give up its pledge status or will keep the property for itself in the course of the auction,” Sergei described possible developments.

It should be noted that Yuri Rydnik refers to the fact that the country house is his only residence. But, as Maxima Legal’s expert explained, according to the established practice, “the so-called luxurious sole dwelling is not excluded from the bankruptcy estate. It can be sold, and the debtor is given a simpler dwelling instead”.

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