Court denies Gayzer family's request for priority sale, as per Kirova's appeal
In a recent development in the bankruptcy case of prominent Russian businessman Vyacheslav Gaizer, the court has seized a disputed property in Syktyvkar and SNT Lazurnoe. The property, which includes a garage on Kuratova Street in Syktyvkar and a non-residential and land plot for gardening in SNT Lazurnoe, has been identified as assets obtained illegally.
The seizure of the property is in line with Russian laws that allow for the confiscation of property if it is proven that the assets were obtained through criminal activity. In this case, the court is examining whether funds used by one spouse to acquire the shared property were involved in illegal activities.
Under Russian law, the debtor's sole residence may be protected from forced sale during bankruptcy proceedings, provided it does not exceed certain size limits. However, this protection may not apply if the property is proven to be crime-connected or used as collateral.
The Gaizers are appealing the decision to seize the disputed property in the Second Arbitration Appeal Court of Kirov. Vyacheslav Gaizer claims that the case files show the disputed property was purchased with joint funds. However, the Komi Republic Arbitration Court denied the right of priority purchase due to the seizure of the disputed property as assets obtained illegally.
The Moscow City Court's Civil Chamber previously denied Natalya Gaizer's request to divide the shared property, including the disputed objects, as she failed to prove that the property was not bought with illegal funds.
The decision can be further appealed in the Supreme Court of Russia. If the appeal is unsuccessful, the seized property will be used to settle the outstanding debts in the bankruptcy case. The property is currently being preserved to ensure the enforcement of civil claims.
This case underscores the complexities of property disputes in bankruptcy cases, particularly when allegations of illegally obtained funds are involved. While the legal framework provides mechanisms for seizure based on illegal funds, the application can sometimes extend beyond strict legal grounds, as demonstrated in high-profile cases in the business sector.
[1] Russian Civil Code [2] Russian Bankruptcy Law [3] Anti-corruption and Anti-money laundering regulations in Russia [4] Size limits for residential properties protected from forced sale
- The Russian court's decision to seize the Gaizer family's disputed property, amidst allegations of illegally obtained funds, highlights the intersection of business, finance, and news, as this case underlines the complexities of property disputes in bankruptcy cases within the Russian business sector.
- Understanding the Russian Civil Code, Bankruptcy Law, Anti-corruption and Anti-money laundering regulations, and size limits for residential properties protected from forced sale, are crucial in interpreting the potential outcomes of the Gaizer family's appeal, as they seek to protect their seized property in the Supreme Court of Russia.
