The cliam arose out of a loan agreement concluded between our client and the debtor - a Russian natural person. The loan agreement contained an arbitration clause for an LCIA arbitration under English law.
In November 2015 the arbitral award was issued by a three member arbitral tribunal under the Arbitration Rules of the London Court of International Arbitration. The debtor subsequently filed for bankruptcy in Russia.
In order to collect the awarded amounts, our legal team filed an application for the recognition and enforcement of the arbitral award in bankruptcy proceedings. As a result, we secured a state court ruling recognizing the arbitral award in Russia. The ruling made our client eligible to share in the distribution.