Tag Archives: Russia

Bankruptcy Proceedings in Russia: An Analysis of Insolvency Statistics

Sergey Treschev and Elena Malevich of Squire Patton Boggs’ Moscow office have joined with legal journalists Alina Mikhailova and Maria Fomicheva of Pravo.ru to write an article recently published in Insolvency and Restructuring International. They analyze Russian insolvency statistics from 2014 to 2017, drawing out some interesting trends. The process of publishing and exchanging information about … Continue Reading

Cross Border Insolvency Regulations 2006: Consideration of the public policy exemption and security for costs against Russian official receiver

In the recent case of Cherkasov & others v Olegovich [2017] EWHC 756 (Ch) the English courts considered the public policy exception set out in Article 6 Cross Border Insolvency Regulations 2006 (CBIR) and whether security for costs could be ordered against the official receiver of a Russian company (who had obtained recognition in England … Continue Reading

Russia cracks down on shareholders and management who cause company insolvency

The insolvency of companies in Russia is often caused by the negligent or illegal actions of their shareholders and/or management. The Russian Federal Law on Insolvency has been amended to introduce stricter rules on “controlling persons,” which increases their liability for the damage caused to creditors by their actions.… Continue Reading

Changes to the Russian Unified Federal Register of Data on Bankruptcy

In June and July 2016, several important amendments to the Federal Law No 127-FZ of 26 October 2002 ‘On Insolvency ’ came into effect in Russia. According to the Amendments, only after the preliminary payment has been made can information on insolvency proceedings be included into the Unified Federal Register of Data on Bankruptcy and published in … Continue Reading

Is it possible to Restructure in Russia?

Theoretically, a Russian debtor is able to reorganize. In practice, the law currently does not encourage voluntary restructuring of debt in a way designed to preserve the continued operation of business and jobs.  The interests of debtors and creditors are not appropriately balanced at present to achieve the best results.  Creditors currently have a strong … Continue Reading

Russia: Recent Developments in the Bankruptcy of Banks

IBA Insolvency Restructuring International in its Vol 10 No 1, March 2016 published an article by Sergey Treshchev and Elena Malevich, two practitioners in our Moscow office on Russia: Recent Developments in the Bankruptcy of Banks. The article provides a brief outline of the particularities of insolvency proceedings in relation to banks and credit organisations in … Continue Reading

Bankruptcy in Russia: New Instruments of Protection of Creditors’ Rights

IBA Insolvency Restructuring International in its Vol 9 No of September 2015 published an article Bankruptcy in Russia: new instruments of protection of creditors’ rights  by our two Moscow practitioners Sergey Treshchev and Elena Malevich who analyse opportunities which the creditors have obtained due to the recent amendments in the Russian Insolvency Law. Special rules regulating … Continue Reading

Creditors’ Rights Improve with Amendments to Russian Bankruptcy Law

Significant improvements have been made to creditors’ rights in Russian bankruptcy proceedings by amendments made on January 29, 2015. The Federal Laws No. 432-FZ “On Amending Certain Legislative Acts of the Russian Federation” and No. 482-FZ “On Amending the Federal Law on Insolvency and Administrative Offences Code” (together, the Amending Laws) came into force in Russia. The … Continue Reading
LexBlog