OBOLON Corporation, successful representation before the United Chamber of the Commercial Court of Cassation being a part of the Supreme Court
Project Partner: Oleksandr Krytskyi
Onopenko & Partners have successfully protected interests of Obolon Corporation in a dispute related to UAH 169 mln debt recovery
The team of lawyers acted for the Client in the Commercial Court of Cassation being a part of the Supreme Court who, based on results of examining the case, rendered a new judgment granting in full the cassation appeal filed by OBOLON Corporation and set aside the decisions made by the first instance court and appellate instance court and dismissed the claim of PJSC “UKR/IN/COM”.
The Supreme Court commenced cassation proceeding based on the appeal filed by the Client in January 2018. After four court sessions were held in the case, the case was referred to the United Chamber of the Commercial Court of Cassation who declared, based on results of its three meetings, long-expected victorious resolution.
By rendering its judgment, the United Chamber of the Commercial Court of Cassation being a part of the Supreme Court formulated the legal position that a legal entity who lost its status as a bank in view of its banking license being withdrawn had no right to recover cash funds (which position may also have a bearing on legal relationships between PJSC “UKR/IN/COM” and all other borrowers under loan agreements).
By this judgment, the Supreme Court prevented a failing bank from avoiding its liquidation in the manner set out in the Law of Ukraine “On the Individuals’ Deposit Guarantee System” by transformation into a non-banking institution.