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The litigation team of Spasov & Bratanov successfully defended before the Supreme Court of Cassation a company against a claim of a bank in bankruptcy on the legal grounds of Art. 59, para 3 in relation to para 4 of the Bank Bankruptcy Act for invalidation of set-offs in amount of BGN 12,169,119. This decision of the Supreme Court of Cassation, issued in July 2018, on the ground of Art. 290 of the Civil Procedure Code establishes a permanent and consistent court practice, which assumes that in the revocation actions proceedings for invalidation of set-offs the moment of acquiring the receivable by a creditor-assignee is the moment of conclusion of the assignment contract and not the moment of notification to the bank – debtor for the assigned receivable. In addition, this decision creates also a practice that “knowledge of insolvency” at the time of acquisition of the active receivables is not equivalent to knowledge of the risk of insolvency within the meaning of Art. 115 Credit Institutions Act. The defendant was represented by Ina Raikova and Boyko Bratanov before all instances in the court proceedings.

Date: June 2018

Source: Spasov & Bratanov Lawyers’ Partnership

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