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19
January
2018

Failure to pay for housing and public utility services: practice and potential solutions

This article outlines possible measures to combat the growth of arrears for energy provided in the housing and utilities sector. To do this, the author analyzes current legislation aimed toward reinforcing financial discipline on the part of energy consumers, practice with how it is applied, and the relevant factors in the growth of accrued arrears.
Ilya Shengeliya, Compliance Counsel
Energy and Law
28
November
2017

Information on beneficial owners: disclose it and do not make any errors

In August 2017, the Russian government published the rules on how legal entities need to present information about their beneficial owners to government agencies. The new rules will permit checking how companies identify, update, and store information on the people that control their actions. To ensure that relevant responsibilities are adequately fulfilled, it is necessary to gain a detailed understanding of these new provisions, since in practice they might not be interpreted in a clear-cut manner.
Ilya Shengeliya, Compliance Counsel
Securities Market
29
September
2017

Currency clauses: the consequences and risks

A currency clause decreases losses incurred by fluctuations in the exchange rate for an unstable currency. However, judicial practice when resolving disputes that involve this mechanism is not marked by uniformity. That is why, if the relationship has been poorly structured, having these conditions in a contract can cause unfavorable consequences for every participant in the transaction.
Ilya Shengeliya, Compliance Counsel
EZH-Yurist
27
May
2016

Restructuring should not be for sale

The main goal of citizens, who turn to the court to recognize them as bankrupt, is to be liberated from further performance of their obligations to creditors, and debt relief.
National Business
21
April
2016

RF Administrative Offences Code has expanded its sphere of action

Specific administrative sanctions provided for by Russian legislation, can now be freely applied to violations committed anywhere in the world. The innovations come into force starting on 20 March 2016 and relate to only one article of the Administrative Offences Code – 19.28, which provides for the liability of legal entities for corruption. Equally dramatic, although only clarifying changes can initiate far-reaching trends and create additional risks for businesses around the world.
Ilya Shengeliya, Compliance Counsel
EZH-Yurist
17
January
2018

Pausing when a statute of limitations runs out: five criteria that indicate the assumption of debt

Almost two years have passed since the Russian Federation Supreme Court Plenary Assembly adopted a resolution on issues concerning statutes of limitations. Over that time, express approaches to applying these interpretations have taken shape in judicial practice. We will gain an understanding of how the mechanism works nowadays for pausing when a statute of limitations runs out.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Artem Gasparyan, Senior associate of Southern directorate
Arbitration practice
15
November
2017

Special investment contracts in the Russian Federation

Starting in 2015, for the first time a new form of cooperation between the state and private investors became available – the special investment contract (hereinafter SPIC). The goal of implementing it is to stimulate the attraction of large-scale investment to help create and upgrade industrial production facilities inside Russia by providing industry incentives, credits, and stable conditions in which to conduct business. What advantages does this investment mechanism have, and what additional obligations must a party that is investing take upon itself in order to enjoy them?
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
EZH-Yurist
14
December
2016

Recovery of damages from the issuer and registrar for improper cancellation of shares

The “heyday” of corporate conflicts, related to theft and other cases of improper cancellation of shares, took place in the 2000s. Back then was formed the main layer of legal approaches of the courts to such disputes, and the nuances of protecting the victim shareholders. If unable to get back their shares from the issuer, the affected shareholders, in general, resorted to the universal path of defending their legitimate interests – seeking damages to be reimbursed by the company and/or the registrar. Today, cases involving the recovery of such losses have become much fewer. However, in practice, during consideration of similar disputes arising today, the courts still can view such issues differently. Always remain relevant the questions of correctly determining the amount of compensation that should or may be recovered through the court for unreasonable transactions with shares in the shareholders register.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Joint Stock Company
18
May
2016

Company losses sometimes can be so great, that an employee will not be able to recoup them with all his property

A major risk for any large company is corporate fraud. Ilia Shengelia, senior lawyer at the VEGAS LEX Law Firm, told how a company can protect itself from this risk, and what the prospects are for litigation with an employee.
Ilya Shengeliya, Compliance Counsel
Trudovye Spory (Labour disputes)
24
March
2016

Currency violations: a new procedure for calculating fines

On 26 February 2016, a new version of Chapter 5, Article 15.25 of the Administrative Offences Code of the Russian Federation came into effect, which changes the obligations of participants of foreign economic activities for violation of terms of returning to the Russian Federation of advances, not used by foreign contractors. The authors of the law say that these changes are meant to ease the administrative burden, in order to support imports. However, in practice, its implementation can lead to a number of problems.
Ilya Shengeliya, Compliance Counsel
EZH-Yurist

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