Cancellation of the Agromars Complex bankruptcy: analysis of the court decision

“To cancel the decision of the Commercial Court of the city of Kyiv dated 14 July - 2021 in case №910/10741/21. To adopt the new decision refusing to initiate bankruptcy proceedings against the Agromars Complex LLC. company according to the application of the Inter Way Capital LLC, - that was the result of the appellate review of the case №910/10741/21 concerning the Agromars Complex LLC. bankruptcy opening (Northern Commercial Court of Appeal (NCCA) bench of judges was represented by Harnyk L.L., Kropyvna L.V., Pashkina S.A.).

The Debt-Review provided its brief comment on this matter upon the media portal request:

“The Court of Appeal provided its assessment regarding the legality and correctness of the opening of the bankruptcy proceedings of Agromars Complex LLC. We are satisfied with the court decision. At the moment, the court decision dated 14 July - 2021 is completely cancelled as being illegal. At the same time, I would like to note that I am against any moratorium, and I have repeatedly announced my regarding it before. However, as of today, this provision of the Article “Final and Transitional Provisions” of the Bankruptcy Procedure Code of Ukraine is in force and should be taken into account. The court has fully considered all of our arguments: the existence of a dispute over the right, the extension of the moratorium on the claims of the initiating creditor, etc. Of course, we expect to appeal the decision in cassation, as the creditor's representatives defend a different point of view. I would also like to emphasize that the powers of the arbitration trustee as the administrator of the property have been terminated today. And although we had a number of questions about the actions of the property manager, now these questions have been removed due to the cancellation of the proceedings.

Also, all the arrests and encumbrances imposed by the court in the bankruptcy proceedings were canceled (by decision of 20 July - 2021). We did not expect another result, as this decision directly violated a number of norms of the Civil Code of Ukraine, the Law of Ukraine "About Limited and Additional Liability Companies", and also contradicted the norms of the Bankruptcy Procedure Code of Ukraine itself. In my opinion, this decision is not subject to cassation appeal, but Themis will have the last word. "

You can read more about by the link below