The National Recovery Agency and the Arbitration Court Agreed to Cooperate
08.04.2014National Recovery Service (NRS) and Arbitration Court of Moscow signed an agreement on cooperation in dealing with debtors. The Agreement stipulates that the Court will recommend the participants in the trial, in whose favor a ruling was made, to turn to NRS to recover debt from the debtors.
“Cooperation with the Court will enable us to attract additional clients,” Sergey Shpeter, Senior VP at NRS, says. “We provide our existing clients with opportunities to simplify legal procedures involving debtors by including the private arbitration clause into agreements. Moreover, the Court's clients will get an opportunity to turn to a professional recovery agency to enforce court rulings quickly and efficiently.”
“The parties to court proceedings often complained that despite quick ruling by a private arbitration court, its enforcement was for a long time delayed through the fault of court bailiffs,” says Alexey Kravtsov, Chairman of Arbitration Court of Moscow.
“Participants in court proceedings asked if commercial arbitration had an alternative to court bailiff service. This is why Arbitration Court of Moscow agreed to cooperate with National Recovery Service in the area of enforcement of court rulings by a recovery agency. The process of debt recovery by a debt agency is under control and responsibility of a private arbitration court, which provides an advantage over individual appeal to a recovery agency. Without any doubt, it is another step in perfecting the system of private mediation proceedings.”
The case may be tried in a private arbitration court if an agreement between the parties provides for a private arbitration clause. If it is absent, the agreement may be resigned to introduce this clause.
The legal ruling of Arbitration Court is enforced either voluntarily by the parties or based on an order of enforcement received by the Court in a public court. National Recovery Service implements any of the mentioned stages of enforcement of court rulings.
Arbitration Court considers in a judicial procedure any disputes over economic agreements, with the parties choosing the judge by themselves. The Court considers claims to both legal entities and individuals.