LLC Stanislavskaya Trading Company (STK) is one of the property guarantors for stabilization loans of PJSC KB Financial Initiative to the National Bank, writes borgexpert.
The National Bank of Ukraine got the opportunity to start the forced sale of the property of LLC STK – a land plot in Yaremche, Ivano-Frankivsk region – to pay off the debt on stabilization loans of PJSC CB Financial Initiative to the NBU. This became possible due to the refusal on December 27, 2022 by the Northern Economic Court of Appeal to satisfy the appeal of Stanislavskaya Trading Company LLC against the decision of the Economic Court of the city of Kyiv dated November 9, 2022 to foreclose on the specified land plot.
LLC Stanislavskaya Trading Company” is one of the property guarantors for stabilization loans of PJSC CB “Financial Initiative” to the National Bank.
“The consideration of this court case dragged on for almost four years. The decision of the court of appeal finally gives the National Bank the right to receive the relevant orders and start the procedure for the forced sale of mortgage property within the enforcement proceedings. The funds received in the event of the sale of the land plot will be used to pay off the loan debt of the Financial Initiative Bank to the National Bank,” said Sergey Boyko, Head of the Department of Legal and Judicial Work with Troubled Assets of the Legal Department of the National Bank.
Recall that in 2009 Stanislavskaya Torgovaya Kompaniya LLC entered into a mortgage agreement with the National Bank, including for a land plot of 2.0549 hectares in Yaremche, Ivano-Frankivsk region, in order to ensure the fulfillment of obligations under the stabilization loans.
Since the obligations of PJSC “CB “Financial Initiative” on loans were not fulfilled, in 2018 the National Bank filed a lawsuit with the Economic Court of Ivano-Frankivsk Region with the aim of foreclosing the land plot in court.
The Economic Court of the city of Kyiv on October 7, 2020 initiated proceedings on the bankruptcy case of STK LLC. In connection with the opening of proceedings on the bankruptcy case of LLC Stanislav Trading Company, the case on foreclosure on the subject of mortgage was transferred to the Economic Court of the city of Kyiv.
On December 2, 2021, the Supreme Court satisfied the cassation appeal of the National Bank, canceled the bankruptcy order of STK LLC and transferred the case for a new trial to the court of first instance. This unblocked the consideration of the case on foreclosure on the subject of mortgage in the Economic Court of the city of Kyiv, which on November 9, 2022 decided to foreclose on the land plot. This decision was also supported by the court of appeal.
In addition to the court decision on the recovery of a land plot, during 2018-2021, the courts made four more decisions on foreclosure on the real estate of Stanislavskaya Trading Company LLC, which were executed by the state executive service. As a result of the forced sale of real collateral property of Stanislavska Trading Company LLC by selling it at open auctions as part of enforcement proceedings, the debt of PJSC CB Financial Initiative to the National Bank in the amount of UAH 28.2 million was repaid.
On June 23, 2015, the National Bank of Ukraine decided to classify PJSC “CB “Financial Initiative” as insolvent.
The total debt of PJSC “CB “Financial Initiative” for all granted refinancing loans as of December 1, 2022 amounted to 7.1 billion UAH.
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