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28 March 2012

Sayenko Kharenko represented Severstal-Ukraine in USD 4 mln debt collection

Sayenko Kharenko successfully represented Severstal-Ukraine LLC (the "Client"), one of the largest metal traders in Ukraine, in a case against PJSC "Modul" (the "Debtor"), a rolled steel producer, concerning the avoidance of the debt restructuring agreement and collection of debt.

Apart from handling the case in court, the litigation team of Sayenko Kharenko has developed an efficient strategy to protect the Client's rights and mitigate potential negative consequences of the Debtor's efforts to create legal and procedural hurdles in collection of debt.  

The litigation team of Sayenko Kharenko implemented all relevant measures of out-of-court settlement, represented the client (as plaintiff) in several court instances, as well as participated in the co-ordination of the project in other regions of Ukraine. The judgment of the Commercial Court of Khmelnytsky Region on avoidance of the debt restructuring agreement and collection of debt in the amount of USD 4 mln, favourable to the Client, was upheld in appeal and cassation proceedings.

Sayenko Kharenko's team was led by partner Sergey Pogrebnoy and included senior associate Anton Zhdanov.

Sayenko Kharenko's dispute resolution practice regularly handles the largest litigations and arbitrations in Ukraine. The firm is No.1 by the number of the largest litigations and arbitrations in Ukraine in 2011, according to League Tables by Yuridicherkaya Practika released in December 2011. Currently we handle one of the largest debt recovery portfolios in Ukraine with over 50 cases under management.

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