In November 2023, VIK LEGAL took on the mandate to represent an Ecuadorian banana exporter in recovering outstanding debt from a Russian importer. The unpaid cargo spanned dozens of shipping containers.
As previously
reported, following eight court hearings in June 2024, the Arbitrazh Court of Saint Petersburg and the Leningrad Region fully satisfied the client’s claim regarding the principal debt, along with the majority of accrued interest. In October 2024, the appellate court dismissed the defendant’s appeal, bringing the judgment into full legal force. The company immediately initiated enforcement proceedings; however, it was revealed that the debtor – whose revenue had previously reached $80 million – had completely ceased operations and possessed no assets. After an unsuccessful attempt to challenge the judgment before the court of cassation in April 2025, the debtor filed for bankruptcy.
In what seemed like a hopeless situation, the client remained resolute in enforcing its rights and actively engaged in the bankruptcy proceedings. The legal strategy combined the full spectrum of creditor remedies available under Russian law with targeted efforts to restore constructive dialogue with former partners – debtor's ultimate beneficial owners, who maintained ongoing commercial operations.
This consistent and persistent approach yielded results: one year after the bankruptcy proceedings commenced, the parties reached a settlement agreement on terms providing for a 100 % payment of the principal debt.
We congratulate our client on this milestone and express our sincere appreciation and respect to all parties involved in reaching this amicable resolution.
31.07.2026