Artur Zurabyan comments for “The Lawyers Newspaper”: “The Supreme Court: Non-cash money on the account of a bankrupt bank loses its purpose as a payment instrument”

The Court once again reminded that in the absence of funds on the correspondent account of the servicing bank, it is unable to actually perform clients’ orders due to insolvency.

Artur Zurabyan, Head of the Art de Lex Dispute Resolution and International Arbitration Practice, comments on Supreme Court Ruling No. 306-ES20-1077 on a dispute regarding the inclusion in the register of the debtor’s creditors of a bank’s claims secured by eight credit agreements, which the bank had received under the relevant assignment agreement.

The full version of the article is available here.