15 July 2020

On June 1, 2020, the Commercial Court of the Volyn Region upheld the claim of PJSC Concern Stirol (Horlivka, Ukraine) and collected a debt of 597,962,091.51 UAH from WOG Trading LLC (Lutsk, Ukraine). The debt arose from the contract on the interest-free financial assistance in 2014.

Even though the court trial lasted more than 18 months, we believe that the decision on this case was made prematurely, without proper examination of all circumstances essential for resolution of the dispute. In particular, given the certain doubts about the circumstances of the signing of the contract, which was the basis for debt collection, WOG Trading LLC filed a complaint to invalidate the contract on interest-free financial assistance in the Commercial Court of the Donetsk Region. The trial of this case has not been completed at the time of the ruling of the Commercial Court of the Volyn Region. However, the latter court did not take those circumstances into account and decided to collect the debt from WOG Trading LLC under the contact. The company considered that decision illegal and filed an appeal. Therefore the decision of the Commercial Court of the Volyn Region of June 1, 2020, to collect the debt owed to PJSC Concern Stirol from WOG Trading LLC did not enter into force. The trial in the case continues.

It should also be noted that WOG Trading LLC has not been operational for several years, and the decision on this case will not affect the ability of other companies in the group to fulfill their obligations.
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