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 bankruptcy of individuals, appointment of the bankruptcy trustees and new rights for secured creditors are under review in this article. It discusses amendments to the Russian Federal Law 127-FZ on Insolvency 2002 that have strengthened the rights of creditors when companies, entrepreneurs and individuals become insolvent, including the measures: (1) making the corporate insolvency procedure more transparent; (2) protecting the creditors of insolvent banks; (3) minimising the risk of fraudulent proceedings; and (4) allowing creditors to challenge a debtor’s suspicious transactions. The authors believe that the new changes have made bankruptcy procedure in Russia more transparent and minimized the risks of fraudulent actions.
This article was first published in Insolvency Restructuring International, Vol 9 No 2, September 2015, and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association.