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
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
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
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
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
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
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
