«Kachkin & Partners Successful for Cres Group in Russian Dispute»
The media publishes the news on Kachkin & Partners Corporate and Dispute Resolution Practice team winning a joint liability award against the general director of a bankrupt company in an amount exceeding RUB 12 mln.
Kachkin & Partners has successfully represented the interests of the Cres Group — the owner of a class «A» refrigerated-warehouse facility in St. Petersburg spanning some 32,500 square meters — in a dispute with the SK management company, responsible for collecting and transferring «all of the lease payments from the warehouse tenants.»
The Kachkin & Partners team successfully persuaded the Court to award the Cres Group the «illegally-withheld amounts from the management company – as well as penalties for the delay in payment.» The court also dismissed the management company’s countersuit seeking damages for unilateral termination of the agency agreement (as the Cres Group had suspended all agency relations when SK refused to transfer the funds due to the Group for the use of its property).
The firm also then successfully initiated a joint liability claim against the management company’s directors following the discovery in enforcement proceedings that the company had insufficient property «sufficient to even partially satisfy the claims of Cres Group.»
Finally, according to a K&P summary of the dispute, «as a result, in the course of its reconsideration of the dispute, the court of the first instance entered a decision ordering satisfaction of the joint liability claim in full. Once the court order has entered into legal force, collection proceedings will commence against the director to recover an amount in excess of RUB 12 mln, as a result of which the bankruptcy estate could be significantly augmented and our client’s demands – satisfied in full.»
The case remains subject to appeal.
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