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In the framework of enforcement of the ICAC at the UCCI Award, Interlegal Georgian Office succeeded in initiating the Online Auction in Georgia

31.08.16

Interlegal Georgia partners Valerian Imnaishvili and Paata Kopaleishvili, represented interests of the Client, a large oil producing company, under procedure of recognition and enforcement of the ICAC at the UCCI Award against the Georgian company.

Pursuant to the Georgian law, foreign arbitral awards shall be recognized by the Supreme Court of Georgia. After the award is recognized, the creditor is entitled to apply to the Enforcement Bureau of Georgia engaged in enforcement of awards.

Due to cooperation of experts from Odessa and Batumi, the ICAC at the UCCI Award was recognized successfully in Georgia, followed by initiation of executive proceedings and seizure of the debtor’s assets.

Executive proceedings revealed lack of the debtor’s assets required for debt recovery.

Interlegal Georgia held successfully negotiations with the debtor for the purpose of debt recovery. Negotiations resulted in the debtor’s consent on assignment of land plots in Georgia as debt recovery.

Interlegal experts drafted and concluded an agreement between the debtor and the creditor which provided allocation of land plots in the Online Auction in Georgia. Sales revenues will be remitted to the Client’s account.

The Parties signed the Agreement; Interlegal Georgia experts drafted and submitted all the documents required for allocation of lots in the Online Auction, followed by their allocation.

At the present moment, the first stage of the auction is launched upon sale of the following land lots:

1. https://www.eauction.ge/Home/EntityView/335358

2. https://www.eauction.ge/Home/EntityView/335365

3. https://www.eauction.ge/Home/EntityView/335366

4. https://www.eauction.ge/Home/EntityView/335367

5. https://www.eauction.ge/Home/EntityView/335368

To acquire land plots or to obtain primary consulting upon recognition and enforcement of awards in Georgia, please ask Ekaterina Gadetskaya, the Interlegal lawyer.