Debt collection

Point of argument

Recovery of a debt and the borrowed funds usage interest under the loan agreement.

Plaintiff’s case

The client - an individual entrepreneur (the Plaintiff) concluded a cession agreement with an individual who provided the loan amount to a microfinance organization in the amount of 1,500,000 rubles. Subsequently the individual terminated the loan agreement with the microfinance organization and received a sum of money in the amount of 500,000 rubles. Under the contract, the organization pledged to repay the loan amount with accrued interest for using other people's funds. However, no further cash was paid. The Plaintiff filed a lawsuit to recover 945,000 rubles of the loan amount and 66,910 rubles 37 kopecks of interest for using other people's money.

Defence

The microfinance organization (the Defendant) entered into a loan agreement based on which it pledged to return the loan amount with interest for the usage of borrowed funds. It paid the amount of 500,000 rubles to the individual following the termination of the contract. The organization did not appear at the court hearing later on, nor did it submit any response or objections to the claim. The court notified the organization about the outcome of the hearing in the manner prescribed by law.

Problem solution stages

• collection and analyzes of the necessary documentation;
• preparation of a letter of claim;
• claim preparation and filing;
• client representation in court.

Court judgement

Having reviewed the materials of the case, completing the preliminary court session and going to the main court session, the court granted the claim.

The court found it necessary to satisfy the claim due to the fact that a microfinance organization (the Borrower) and an individual entrepreneur (the Lender) entered into an agreement according to which the Lender provided the Borrower with a loan amount of 1,500,000 rubles, and the Borrower agreed to return the specified amount and pay interest for using the cash.

The lawyers recovered in favor of an individual entrepreneur 945,000 rubles of the loan amount,  66,910 rubles 37 kopecks of interest for using the money during 11 months, as well as 23,119 rubles of the state duty cost.