Court practice on credit obligations of individuals

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On 22 May 2013 the Presidium of the Supreme Court of the Russian Federation (the “Supreme Court”) approved an overview of court practice in cases concerning the performance of credit obligations by individuals (the “Overview”).

The Overview clarifies a number of issues related to the performance of credit obligations by individuals. The position taken by the Supreme Court with respect to some matters differs from the position of the Supreme Commercial Court of the Russian Federation (the “Supreme Commercial Court”). This alert discusses the most significant differences between the two.

Please see full alert below for more information.

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Topics:  Creditors, Debtors, Guarantors, Joint and Several Liability, Jurisdiction

Published In: Civil Procedure Updates, General Business Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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