Maxim Avrashkov has commented on the problem of recovering from Baltinvestbank 11 million euros awarded to an offshore creditor

On 14 June business newspaper, Delovoy Peterburg, published an article ‘Baltinvestbank argues with the bailiff’, about the potential recovery from the bank of 11 million euros which was awarded to a Virgin island offshore company Marzia Trading Ltd in February after it won an appeal following a dispute with Baltinvestbank.

If the bailiff succeeds in recovering the funds before the decision is overturned, the offshore company will be due the money. However, there are no legal grounds for not complying with the decision before the case is considered further at appeal.

“The bailiff can seize and recover funds from the bank account of the company or follow another avenue – to transfer the money from the account of the credit institution with the Central Bank”, commented Managing Partner of Maxima Legal, Maxima Avrashkov. “However, if the bailiff has not done this, the bank has an opportunity to delay payment, finding fault with the formalities, for two or three weeks during which time the appeal court should consider the matter.  The same goes for the Central Bank, usually it does not delay with transferring funds, but in the current matter, in order to help the bridge bank, it may informally make an exception.”

To read further information (in Russian), visiting the following website.