14/07/2025 Tatyana Tsepkina shared her opinion on the bankruptcy case with the readers of Advokatskaya Gazeta, in which the Supreme Court clarified which debts must be repaid in order to end the case. In Determination No. 307-ES22-25636 dated 30/06/2025 in Case No. A66-10018/2019, the Supreme Court stated that when a bankruptcy case is terminated due to the satisfaction of all creditor claims, it is necessary to take into account the claims of creditors who have the right to initiate a bankruptcy procedure, including subordinated creditors.
In the case under consideration, there was a situation where, after the bankruptcy proceedings were terminated due to the investor’s satisfaction of all creditor claims, the “registered” creditor, after a short period of time, filed a new bankruptcy petition based on unsettled claims. In sending the case back for reconsideration, the Supreme Court emphasized that the three main queues of creditor claims are not actually limited, and the formal position taken by the courts, which did not take into account the claims of subordinated creditors, contradicts the rehabilitative nature of the intention mechanism.
Commenting on her speech in the main publication of the Russian legal community, Tatyana Tsepkina notes: “As L&P’s long-standing bankruptcy practice shows, the appearance of an investor willing to take on the costs of restoring the debtor’s solvency leads to disagreements regarding the determination of the circle of creditors whose claims are to be repaid. I believe that the termination of a bankruptcy case due to the fulfillment of the debtor’s obligations by a third party should result in the full satisfaction of creditors’ claims without the possibility of initiating a new bankruptcy case, as the Supreme Court has indicated. On the other hand, due to the expansion of the list of creditors whose debts need to be repaid, the number of rehabilitation procedures involving investors will decrease.”
