Ilyashev & Partners Law Firm defended the interests of Hotel Salute in the case of foreclosure of its buildings through sale at public auction.

Hotel Salute is the property guarantor under the obligations of Bank Finance and Credit to the National Bank of Ukraine under refinancing loans in the amount of UAH 4.2 billion. As a part of the bankruptcy case of Hotel Salute the NBU filed a motion with the court to foreclose on the hotel building by selling it at a public auction and won the case in the first-instance court.

To defend the client’s interests Ilyashev & Partners Law Firm was engaged in the case at the appeal stage and formed a new legal position. Having considered the case, the court of appeal agreed with the arguments of the lawyers of Ilyashev & Partners Law Firm and confirmed that there are no grounds for foreclosing on the property.

The Northern Economic Court of Appeal dismissed the NBU's arguments that the recognition of the creditor's claims declared in the bankruptcy case of Hotel Salute does not restore the violated rights of the NBU and the disputed decision of the first-instance court does not affect the course of the hotel's bankruptcy procedure or the rights and obligations of its participants.

The Northern Economic Court of Appeal granted the appeal of Hotel Salute, the court of appeal rejected the NBU's claim.

The project was handled by Vadym Kizlenko, Attorney at Law, Counsel, Insolvency Receiver.

Hotel Salute is a 3-star, 7-story hotel in Kyiv. It was designed by famous architect Avraham Miletski in 1984 and built in a modernist style.