Supreme Court: The interest on the CFO's remuneration is a bonus that still needs to be earned
November, 08 2021

As the Court noted, if the manager doesn't make any significant contribution to the achievement of the goals of the rehabilitation procedure for bankruptcy, prevents the development of an effective restructuring plan, the incentive part of the remuneration is not paid. The Judicial Collegium for Economic Disputes of the Supreme Court of the Russian Federation issued Decision No. 305-ЭС21-9813 in case No. A41-36090/2017 on the recovery of interest on the remuneration of a financial manager from a citizen who escaped bankruptcy. The Economic Board of the Supreme Court of the Russian Federation recalled that the basic task of a professional anti-crisis manager, who is an insolvency administrator, is to help a debtor-citizen get out of bankruptcy, restore solvency and quickly return to normal (pre-crisis) life. To successfully accomplish this task, an insolvency practitioner must not only have broad knowledge of bankruptcy law and court practice, but also actively apply them. This, on the one hand, consists in the desire to pay off debts to all creditors, and on the other, to preserve the debtor's property as much as possible so that he or she has something to live on (to treat the debtor's property with the greatest care, so that upon completion of the procedure, leave him or her the maximum possible amount of property). If bankruptcy cannot be avoided, the second task of the manager is to obtain the maximum benefit from the sale of the debtor's property and to pay off debts with the proceeds.

Alexander Mishchenko
CONTACT US:
+7 (499) 490-47-42
INFO@ADVOCACY-GROUP.RU

117418, Moscow, st. Novocheremushkinskaya, 69