A Moscow court has rejected a proposal to collect money with the bankrupt

The Moscow arbitration court rejected the application of financial Manager Alexei Leonov, who asked to include in the bankruptcy estate contents of the cryptocurrency wallet belonging to the bankrupt debtor Ilya Zarkovo.

After providing the debtor the documents proving the presence of the wallet on the website blockchain.info and funds in bitcoins, the court dismissed the request of the financial Manager. The reasons for the refusal of the court will be known after the official publication of the judicial decision. According to participants, this does not mean that cryptocurrency is ultimately withdrawn on account of debt: the court can pass the decision on this issue in a higher court or in the hands of financial Manager.

After the recognition Tsarkova bankruptcy procedure has been initiated and the implementation of its property, which deals with Leonov. After he learned about the presence of crypto, the Manager has proposed to include its contents in the bankruptcy estate of the debtor. However Tsarkov stated that bitcoin is not property and cannot be seized under bankruptcy.

The court has already examined this case, but postponed a decision, asking the Treasurer to clarify the subject of his claims and obliged to provide to the court evidence that Tsarkova, a crypto.

At its meeting on 26 February, he gave the notary Protocol inspection of the site and notarized translation of the terms of use of the website and a screenshot which shows the amount placed on the purse funds in bitcoins. Protection was asked not to disclose the amount in the courtroom, however, the question of the representative of the financial adviser kings confirmed that his account is 0.19 BTC (around $1780).

Despite the fact that the financial Advisor has the authority to decide what to include or not include in the bankruptcy estate of the debtor, he believes that the solution to this is to take it is the court that such practice has become a benchmark for future disputes.

«No reason to omit the cryptocurrency in the bankruptcy estate of the debtor is not available, despite the fact that the status of cryptocurrencies in Russia still does not legally enshrined, – Leonov declared. – It is obvious that it is an asset, and if not included in the bankruptcy estate, such a precedent would contribute to the outflow of assets in the future.»

«In this situation right financial Manager, as citizens, and the debtor including, make use of this cryptocurrency, exchanging her money and buying various goods. The refusal of turnover would mean that informed citizens changed owned them money, getting in return is unclear,» – said the partner of the legal company «Rustam Kurmaev and partners» Dmitry Klyachkin.

Lawyer confident that the decision to not collecting cryptocurrencies will be the judicial practice, which will be guided the courts in the future.

«Taking the decision to include the cryptocurrency in the bankruptcy estate, the court de jure recognized the cryptocurrency kind or money, which in turn is at odds with the opinion of the Central Bank, or any other assets, which in principle is not enshrined in law, and therefore such a decision would be voidable and guaranteed to be cancelled by the court. Besides, this law of interpretation of the law given only to the Supreme court, but he is unlikely to be some way to speak on this issue», – stressed the Executive Director of the Consulting HEADS Nikita Kulikov.

He is confident that the court’s decision will affect how you will resolve such disputes in the future, but the precedent it will not be.

«Still in the judicial branch the Supreme court is empowered to interpret the law and especially handling in legislation, such as crypto-currencies,» he explains.

The court decision will attract the attention of all members of the crypto community, and probably relevant ministries that can contribute to accelerating the revision of necessary legal documents, says the founder of Universa Blockchain Alexander Borodich.

«The need to regulate this industry with every such practical case is becoming more acute, and the market will benefit from prohibition and legalize cryptocurrencies» he said.

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