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Easier debt collection to help Ukrainians by family arrangements


By Irina Kasyanova
Source: The Vesti

Now, no debtor will be able to escape repayment of debt, even if held in debt is only confirmed by a simple, hand-written IOU-receipt made without witnesses and not certified by a notary public. This is a conclusion made by the Supreme Court of Ukraine. «A receipt given in free format or a loan agreement signed by the borrower serve as a confirmation of receipt of money, – explained to the Vesti Roman Marchenko, Senior Partner at Ilyashev & Partners. – The paw permitted using both certified documents and non-printed receipts in court as evidence in monetary disputes. However, receipts were rarely used as proof of the debt. Now, the Supreme Court of Ukraine has adopted uniform requirements».

Prescription / limitation does not apply in case of receipts. This conclusion of the Supreme Court of Ukraine was made in deciding the case of two individuals: the borrower borrowed $300,000 for six days in November 2008, and the lender sewed him in 2011. The Supreme Court made its order this September as the courts of appellate jurisdiction had set aside the order made by the trial court in favour of the lender.

Lawyers assume that this order of the Supreme Court of Ukraine can be applied to disputes under other financial obligations. Say, if during divorce one of the spouses gives a receipt that he or she will pay the money as compensation for his or her part of a certain property. «There has been no clear explanation yet, so these matters will be considered on a case-by-case basis. However, receipts as unilateral documents can be used in other types financial disputes,» Marchenko says.

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