INFORMATION LETTER OF PRESIDIUM OF THE SUPREME ARBITRATION COURT OF THE RUSSIAN FEDERATION

of April 14, 2009 No. 129

About some questions of practice of application by Arbitration Courts of provisions of paragraph two of Item 1 of article 66 of the Federal law "About Insolvency (Bankruptcy)"

Due to the questions arising in court practice concerning application of provisions of paragraph two of Item 1 of article 66 of the Federal law "About Insolvency (Bankruptcy)" (further - the Law), the Presidium of the Supreme Arbitration Court of the Russian Federation according to article 16 of the Federal constitutional Law "About Arbitration Courts in the Russian Federation" informs Arbitration Courts on the developed recommendations.

According to the paragraph of Item 1 of article 66 of the Law the interim manager has the right to show the second in Arbitration Court on its own behalf requirements about recognition invalid transactions, and also the requirement about application of effects of invalidity of the insignificant bargains concluded or performed by the debtor with violation of the requirements established by articles 63 and 64 of the Law.

In case of application of this regulation and qualification of invalid transactions as debatable or insignificant follows courts taking into account provisions of items 4 and the 5th Article 82, of the Items 2,3 and 5 of article 103 of the Law to proceed from the following.

The following transactions are debatable, in particular:

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