A Moscow court is not allowed to collect money with the bankrupt debtor

We already wrote about the case of the Moscow merchant Ilya Tsarkov, who in October 2017 was declared bankrupt. During the proceedings, his financial Manager Alexei Leonov asked the court to include the cryptocurrency in the bankruptcy estate (i.e. all assets of the debtor available at the time of the opening of bankruptcy proceedings — the procedure applicable in bankruptcy cases).

On 26 February, the Moscow arbitration court refused to satisfy this request. As reported "Interfax", the decision was made by the judge Larisa Kravchuk.

Speaking in court, Leonov once again demanded the inclusion of bitcoins in the bankruptcy estate. First, he acknowledged that the concept of "cryptocurrency" is not enshrined in the Civil code of the Russian Federation and that the cryptocurrency "is information that cannot be included in the bankruptcy estate". He further stated that digital currency is an "asset that can be implemented". In his opinion, the current legislation allows this given the fact that the asset is not claimed by third parties.

Leonov is not the first time puts forward such arguments. At the last meeting in early February, he noted that currently, the crypto currency has spread. In addition, the failure to include it in the bankruptcy estate may hinder payment to creditors. Importantly, as stated by Leonov, is to determine the status of the digital currency.

About any legal conflicts Leonov told 6 December 2017 at the conference "Bitcoin and other products blockchain technology as intellectual property". Then he called the trial the country's first attempt to introduce cryptocurrency to the bankruptcy estate, and noted that if it succeeds, you will need to use existing or create new areas of trade in cryptocurrency, to develop implementing rules, etc. the Arbitration managing Director noted that within the framework of the bankruptcy procedure (and specifically in this case) in Russia can be a legalization of the market of digital currencies.

For its part, the debtor Ilya Tsarkov did not support the initiative Leonov. Protection Tsarkova said in court that bitcoin cannot be considered as the object of civil rights, because there is no legal framework. According to the lawyer, while there is no corresponding Federal law, bitcoin and other digital currencies are only loosely be considered a property. In particular, the lawyer remarked:

This is the same as to say that assets are the points (loyalty) "Aeroflot" or game currency. While they are not recognized by the state, this is an information entry in a distributed registry (the blockchain), but not property.

The amount of debt Tsarkova is more than 19 million rubles. He voluntarily reported the existence of crypto that holds 0,19 bitcoin (about $1780 to 26 February).

The reasons for the refusal of the court will be known after the official publication of the judicial decision. However, the failure does not mean that cryptocurrency is ultimately taken: the court may pass a decision on the issue in the Supreme court or in the hands of financial Manager.

Original Article


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