Е4 accounts may be unblocked; the court did not order their seizure upon the claim from Alpha Bank

E4 Group OJSC received from the Court of Arbitration of the city of Moscow the determination explaining the judgment dated December 19 of 2014 to recover the debt in the amount of 354 million roubles for Alpha Bank (MOEX: ALFB). E$ told Interfax that the accounts of the Group’s ventures, which were seized by the bailiffs, may be unblocked soon.

In December of 2014, the court upon the Bank’s claim took security measures in the form of seizure of the property owned by E4 Group OJSC, Dalmostostroy OJSC (MOEX: DMOA), Bureyagesstroy OJSC, ENTC Sibirsky CJSC, E4 Tsentrenergomontazh OJSC (MOEX: CEMS), E4 SibKOTES OJSC within the amount of the claim.

However, E4 pointed out that the bailiffs had seized the Company’s funds. Besides, E4 says, the bailiffs notified all customers of the Company of the seizure of all accounts and receivables under the E4 industrial activity in December of 2014. As demanded by the bailiffs, the banks stopped accepting the salary and tax payment documents within E4 <…>

As Advocate Alexander Bolomatov, Partner of the Law Firm "YUST", told Interfax, funds are, according to the law, also a part of the property. The lawyer said: “This is precisely the definition of property used by the execution procedure legislation. Seizure or charging of property also includes seizure or charging of the funds on the debtor’s accounts”. Since the court did not specify the exact property to be seized, the bailiff acted at his discretion.

According to the Advocate, the bailiff has the right to seize the debtor’s property for the purpose of ensuring the execution of the execution document containing the demands of property exaction: “Meanwhile, the bailiff has the right to not apply the rules of order of charging the debtor’s property. Seizure of the debtor’s property is applied in the course of execution of a judgment to seize the property owned by the debtor and located at his premises or with third parties”.

Source: interfax.ru