Supreme Arbitrazh (Commercial) Court of the Russian Federation once again supported the position of the lawyers of the law firm BIEL", representing the interests of the foreign company Joy Lud

The Supreme Arbitrazh (Commercial) Court of the Russian Federation (RF) confirmed the right of the American company Joy Lud to recover from Moscow Oil Refinery (MOR) more than $ 40 million. The law firm «BIEL» acts as the lawyers of Joy Lud.

On February 18, 2014 at the meeting of the Presidium of the Supreme Arbitrazh (Commercial) Court of the RF there was established the illegality of a series of deals as a result of which the American company Joy Lud Distributors could have lost the right to recover from the MOR $ 28 million., Which grew as for today up to $ 40 million since 2006, taking into account the interest.

The Cyprus company Exprodenta acted as the applicant in the case, and made a claim to receive the rights to collect this debt. The basis for the claim was another case on the debt of Joy Lud Distributors itself, but towards the Limited Liability Company «Nafta-Invest». The amount of this debt at the moment of appearance was $ 2.3 million. In the course of enforcement proceedings on recover the debt bailiffs sold by auction the rights of «Joy Lad» to recover $ 28 million from Moscow Oil Refinery to some Limited Liability Company «Kray vulkanov» («Land of volcanoes») for only 96 million rubles.

However the claims of Exprodenta were not satisfied by the courts of two different instances on the grounds that the arrest, evaluation and sale of Joy Lud’s receivables and the subsequent assignment of the rights to collect the debt of MOR to the chain of intermediaries were illegal. In fact the officers had no right to consider the debt of MOR to be illiquid receivables and sell it at a reduced price, since the debtor remained solvent, and procedures to recover this debt from Joy Lud were not executed. The rights of Joy Lud Distributors had been violated, and that was proved by the lawyers of the law firm «BIEL» at the on judicial panel of the Supreme Arbitrazh (Commercial) Court of the Russian Federation.