Avellum and Hillmont Partners have successfully defended Argentem Creek Partners and Innovatus Capital Partners in a bankruptcy dispute against GNT Group member Olimpex Coupe International before Ukraine’s Supreme Court.
According to Avellum, the case stemmed from a USD 95 million facility provided by the two US-based investors to the GNT Group, secured by multiple guarantees, including from Olimpex. Following GNT’s default, the group engaged in a complex multi-tier fraudulent conveyance scheme designed to strip Olimpex of valuable assets and prevent creditors from enforcing claims. The maneuver involved a rapid chain of mortgage assignments and asset sales to fabricate the appearance of bona fide purchasers. In its ruling, the Supreme Court took a holistic view of the transaction structure, finding that the transfers were made at undervalued prices and in contravention of existing creditor obligations, ultimately concluding they were orchestrated to obstruct legitimate bankruptcy claims. The Court invalidated the mortgage and sale agreements and ordered the assets to be returned to Olimpex, reinforcing creditor protections in insolvency proceedings.
The Avellum team included Senior Partner Kostiantyn Likarchuk and Partner Vadim Medvedev.
The Hillmont Partners team included Managing Partner James Hart, Senior Partners Andriy Nyzhnyi and Valentyn Zasukha, and Partner Andrian Artsishevsky.