LBASE TEAM SUCCESSFULLY DEFENDS INVESTORS’ AND LEGAL OWNER’S RIGHTS IN THE BANKRUPTCY CASE OF UKRBUD DEVELOPMENT LLC

The LBASE team successfully blocked another attempt by third parties to initiate bankruptcy proceedings against the developer Ukrbud Development LLC.

In July 2022, on their third attempt, Fortabud filed a petition with the Commercial Court of Kyiv to open bankruptcy proceedings against Ukrbud Development LLC.

The Commercial Court of Kyiv improperly initiated the proceedings and subsequently recognized the creditor claims of several legal entities.

Within the bankruptcy process, the LBASE team developed an effective defense strategy to protect both the developer company itself and its legal owner, as well as investors who had invested their own funds into residential construction projects.

During the course of the proceedings, LBASE lawyers ensured operational control of Ukrbud Development LLC’s activities for its legal owners and effectively challenged the Commercial Court of Kyiv’s ruling on opening bankruptcy proceedings.

As a result of the appellate review, the Northern Commercial Court of Appeal granted the appellant’s request to restore the deadlines for filing an appeal and satisfied the appeal, annulling the ruling on the initiation of bankruptcy proceedings.

09.08.2022