16
Sun, Jun
67 New Articles

Magnusson Successful for Albrecht & Dill Trading in Bankruptcy Proceedings

Magnusson Successful for Albrecht & Dill Trading in Bankruptcy Proceedings

Estonia
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Magnusson has successfully represented Albrecht & Dill Trading in having its claim accepted as part of the bankruptcy proceedings against Erst Finance, Albergrupp Teenused, and Omul-Fot, in bankruptcy.

Albrecht & Dill Trading is a company registered in Hamburg, Germany. The company buys, sells, imports, and exports cocoa products, including beans, liquor, butter, cake, and powder.

According to Magnusson, per the decision of the Court of Appeal of Circuit of Tallinn, the request of Albrecht & Dill Trading for its claim to be accepted in the bankruptcy procedure of Omul-Fot was satisfied.

In terms of background, "Albrecht & Dill Trading traded approximately  268 tons of cocoa beans to Omul-Fot. The sale was according to two different sales confirmations. The seller issued 3 invoices to the purchaser, who received the beans but did not pay them according to the invoice. The worth of the trades combined is approximately EUR 625,000," the firm reported.

Moreover, according to Magnusson, "Albrecht & Dill Trading claimed that the defendants accept the demand in the bankruptcy procedure. The arbitral tribunal of the Federation of Cocoa Commerce in the United Kingdom granted the claim with two judgments, both awarding the claimant with the principal claim and interest."

The claimant then filed an application for the recognition of the arbitral tribunal's judgment in Estonia, but the defendant became insolvent during that procedure. According to the firm, "the claimant added the judgments of the FCC to the claim but did not rely on them during the procedure. According to the claim, the claimant provided services to the debtor. One confirmation of sale was annexed, whereas the second one was not. The trustee in bankruptcy should have requested the claimant to complement the application and set a time limit for curing the defects."

The Magnusson team included Senior Associate Stig Hendrikson.

Our Latest Issue