Artur Zurabyan | comments for the Advokatskaya Gazeta: The debtor’s manager has to reserve money to satisfy all potential creditors

According to a lawyer, the Supreme Court gave universal meaning to clause 6 Article 142 of the Bankruptcy Law. Another lawyer stressed as important the position that this norm is applied, among other things, in case of realization of pledge. A third noted that the RF Supreme Court continues to consistently implement the position that an arbitration manager cannot give preference to one of the creditors to the detriment of the others. 

Attorney, Head of Litigation and International Arbitration at ART DE LEX Artur Zurabyan noted that the RF Supreme Court continues to consistently implement the position that an arbitration manager cannot give preference to one of the creditors to the detriment of the others. “Yes, in this situation, the arbitration manager was right de jure: he did not have the obligation to reserve monetary funds in a situation when the other creditors (in this case, the tax authority) had not been included in the register of creditors yet, and the bankruptcy procedure had not been completed. But actually he could violate the principle set in clause 4 Article 20.3 of the Bankruptcy Law, according to which in the process of carrying out bankruptcy procedure an arbitration manager has to act fairly and reasonably, in the interests of the debtor, the creditors and the society”, he said. 

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