Vasil Kisil and Partners has successfully represented Lviv Polytechnic National University as a third party in a complex dispute involving an insolvent bank before the Supreme Court of Ukraine.
According to VKP, "the dispute related to a recognition of the legal relationship between a bank and another company as terminated because of the offset of counter claims."
Lviv Polytechnic National University, one of two other entities, transferred its right to claim UAH 54 million from the bank to the unidentified company that was his bank’s debtor under a loan agreement in an amount exceeding UAH 427 million. After receiving notification from a debtor regarding the offset of counter claims, the bank argued that the obligations of the debtor under the loan agreement had not been fulfilled at the time and, thus, it did not recognize the offset of counter claims. The bank also challenged the offset of counterclaims as it had allegedly been used after temporary administration was introduced to the bank by the National Bank of Ukraine.
According to VKP, "the Supreme Court of Ukraine did not, however, accept the bank’s arguments and dismissed the application on review of the decision of the cassation court."
The VKP team was led by Managing Partner Andriy Stelmashchuk, working together with Associate Maksym Maksymov.
