AstapovLawyers represented Canon Russia

AstapovLawyers represented Canon Russia in a dispute with a Russian retailor LLC Fotosintez on abuse of rights in the surety agreement. Under the supply contract, a Russian subsidiary of Japanese optical products corporation was to supply goods on the deferred payment basis. In August 2013 LLC Fotosintez went bankrupt with debt in the amount of more than RUB 200 million (USD 5,4 million) and a majority shareholder claiming invalidation of the surety agreement on the basis of violation of corporate regulations.  It was the first case reviewed by recently created Judicial Chamber on Economic Disputes of the Supreme Court of Russian Federation.

AstapovLawyers team provided the full coverage legal support in both surety agreement invalidity case and Fotosintez bankruptcy proceedings. The lawyers were to prove abuse of rights on the side of majority shareholder claiming invalidity of surety agreement which was concluded in order to guarantee proper execution of the supply contract. Canon Russia has managed to prove in the Supreme Court that a shareholder owning 50% of shares both in the buyer-company and surety-company, has no right to claim invalidation of surety stating that he has never known about conclusion of the surety agreement and never given his consent.

The case was handled by Andrey Samoilov, senior associate, Anna Arutunian, associate. Vladimir Khvalei, partner from Baker & McKenzie, acted as a co-counsel.