Practice of collecting funds under a commodity loan and bills of exchange

Law firm Globus provided protection of the client’s rights in the dispute on collecting several dozens of million hryvnias of debt for the supplied equipment.
The goods were released on terms of a commodity loan. During the legal proceedings the legality of collecting interests was proved for the use of the commodity loan at the rate, provided for in contracts, and at the rate of the National Bank of Ukraine set for the cases the size of the interests is not determined in contracts, as well as the debt including the index of inflation over the period of delay in payment and the amount of penalty.

A part of the debt was covered by ordinary interest-bearing notes.
Owing to the legal positions, developed by the experts of law firm Globus, it became possible to collect not only the amounts of interests, directly provided in the notes, but also the amounts of interests under p. 2 art. 48 and p. 2 art. 49 of the Unified Law on transfer notes and ordinary notes basing on the rate of the National Bank of Ukraine as of the day of submitting the action since the due date of the payment till the date of bringing the action respectively.

Lawyers of our company proved unavailability of any grounds to recognize invalidity of agreement on acquiring by the drawer of its own note with no participation of a trader, the legality of settlement under this agreement by this drawer issuing a new ordinary note.
In this case we also developed legal positions, which gave an opportunity to demand early repayment of ordinary notes.