WinnerLex Lawyers Protected the Client from Recovery of Foreign Currency Penalty and Won a Dispute of $3 Million in International Arbitration

Collection of problem debts

Representatives of a Ukrainian agricultural holding approached WinnerLex Law Firm regarding the recovery of problematic debt. A foreign company delayed payments for purchased goods, which risked causing the client to violate the maximum time limits for export-import settlements set by the NBU Resolution No. 18.

Penalties for Violation of NBU Regulatory Deadlines

The client was nearing the 180-day payment deadline for export and import operations, as they had relied on the promises of their counterparty, which is a common scenario. By the time they reached out to WinnerLex, there was less than a day before the penalty of 0.3% of the unreceived funds would start accruing, which amounted to about $10,000 per day.

Rapid Legal Assistance

In just one day, the attorneys of WinnerLex:

• analyzed the client’s legal position,
• reviewed the available documents,
• drafted a statement of claim,
• prepared a package of documents for submission to the ICAC at the Ukrainian Chamber of Commerce and Industry.

It’s important to note that the contract had an optimally formulated arbitration clause for dispute resolution. Moreover, WinnerLex‘s legal team quickly responded to the circumstances of the case, establishing clear and efficient communication with the client in a short time frame.

Representation in International Arbitration

The statement of claim was submitted to the ICAC on time, despite tight deadlines. During the case, WinnerLex‘s attorneys proved the existence of overdue debt, and the arbitration upheld the client’s claim for debt recovery from the foreign company. As a result, the penalty under Law No. 2473 was canceled, saving the client hundreds of thousands of dollars.

Legal Services for Business

Contact WinnerLex Law Firm for professional legal services and we will assist you with debt recovery in courts and international arbitration, as well as extending the payment deadlines for export and import operations: (096) 769-00-99, (099) 769-00-99, (063) 769-00-99.