Vasil Kisil & Partners advised UniCredit Bank Austria AG on the issue of interbank guarantees and stand-by letters of credit

Vasil Kisil & Partners advised UniCredit Bank Austria AG on the Ukrainian law matters of interbank guarantees and stand–by letter of credits, including counter guarantees and counter stand-by letters of credits, as well as various instruments to secure thereof.

Vasil Kisil & Partners drafted a legal opinion on validity and enforceability of interbank guarantees and stand-by letters of credits, as well as a number of instruments to secure either the principal’s obligations or the applicant’s obligations towards the guarantor or the issuing bank, including in case when a bank, being the principal or the applicant, subsequently becomes insolvent or a temporary administration is appointed therein. Special attention in this respect was given to the powers and authorities of banks’ temporary administrators to challenge the above transaction on the grounds of breaching the creditors’ interests or in case of preferential satisfaction of claims.

The team of Vasil Kisil & Parthers included senior associate Yuliya Kyrpa, associate, Marina Fedorenko, and was led by firm’s partner Denis Lysenko.