Analytics Publications Restructuring and bankruptcy

20
April
2018

The practice of challenging of transactions in case of the bankruptcy of credit institutions

According to the statistics posted by the Bank of Russia on its website, as of 1 January 2017, 288 credit institutions (87.54% of the total number of liquidated credit institutions) have been declared bankrupt by arbitration courts, bankruptcy proceedings have been initiated in relation to them and bankruptcy receivers have been appointed. However, the statistics of satisfying the creditors’ claims is low – since credit institutions do not have sufficient funds for a long period of time, the claims are satisfied at the average of 15.8% of the amounts of ascertained claims.
Victor Petrov, Partner, Head of Litigation practice
Legal work in a credit organization
8
November
2017

Useful advice: the cause-and-effect process during the recovery of claims

In disputes involving claims for damages, what comes to the forefront is the qualitative selection of evidence, as well as knowing how to state your position to the courts. Victor Petrov, the Head of Litigation group at the VEGAS LEX law firm, talks about the particularities of evidence gathering and what methods are effective, using legal case studies as examples.
Victor Petrov, Partner, Head of Litigation practice
Pravo.ru
9
March
2017

Creditors' agreements vs Article 309.1 in the Russian Federation Civil Code

In 2015, amendments to the Russian Federation Civil Code came into effect that included, inter alia, the introduction of article 309.1. According to this article, creditors with a single debtor with homogeneous debt have the right to sign an agreement outlining the procedure for satisfying their claims against the debtor, including the order of precedence for repayment and the incommensurability of performance allocation. How do the provisions of the Russian Federation Civil Code and bankruptcy legislation match, and what are the explanations that the Russian Federation Supreme Court gives about this?
EZH-Yurist
11
August
2016

Bankruptcy law

The Judicial Board on Economic Disputes of the Supreme Court of the Russian Federation summarized the practice of the Russian legislation, including legislation on bankruptcy. As part of such a generalization, the Supreme Court focused on the institution of subsidiary liability of the director of the debtor and controlling persons, pointing to procedural possibilities of creditors to challenge the settlement agreement, concluded in previous cases on bankruptcy, and outlined the range of persons, as well as determined the order of consideration of disputes regarding the terms for auctioning off the subject of the collateral.

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

Social aspects of bankruptcy

In 2015, legislation in the field of insolvency has taken a step towards the solution of pressing social problems. The main, and most talked-about, event in 2015 was the introduction of the institution of personal bankruptcy. However, against the background of the general excitement around personal bankruptcy, few people noticed the granting to workers of the right to apply for the bankruptcy of their employer. However, as it turned out, the expected social significant effect of these pronouncements did not materialize.
National Business
17
December
2015

Risks of going into bankruptcy

As a rule, the participants of economic relations, in the event of difficulties seek, as soon as possible, to free themselves from burdened assets, especially if such assets can bring significant risks in the future. Of no exception are also intangible assets in the form of shares in legal entities that, for whatever reasons, are burdened by debts payable to own contractors and the state budget. In such a situation, the company’s founders seek to get rid of their troubled assets for fear of possible liabilities for the obligations entered into by their company, in the event of a bankruptcy.
EZH-Yurist
6
October
2015

Workers demanding to declare a company bankrupt. The risks faced by employers due to wage debts

On 29 September 2015, came into force amendments to the law on bankruptcy, which allows employees to ask the court to declare their employer as insolvent. Despite such ominous wording, considering workers as full-fledged participants in a bankruptcy case, can be done only with great reservations.
Trudovye Spory (Labour disputes)
1
February
2018

Overview of changes to legislation in 2017: summary

In the preceding year, we regularly advised you of the most significant legislative changes that develop legal regulation and business environment in the country. In this overview, we shall summarize and submit for your consideration the new laws and other regulatory legal acts published in 2017, which will be of interest to business representatives of various industries and business areas.
Alexander Sitnikov, Managing partner
Business of Russia
25
May
2017

Bankruptcy for individuals – down what road is practice leading?

On October 1st, 2015 changes in the Federal Law entitled “On insolvency (bankruptcy)” came into force, according to which in relation to people who do not have the status of a sole proprietor the bankruptcy procedure can be initiated. On October 13th, 2015 the Russian Federation Supreme Court Plenary Assembly, in its Resolution No. 45, gave explanations concerning the application of new bankruptcy law’s provisions. Over the one-and-a-half years since the law has been enacted, judicial practice in applying the bankruptcy law’s provisions for individuals has already taken shape, and continues to take shape.
EZH-Yurist
20
February
2017

Contesting debtors’ transactions

The Russian Federation Supreme Court summarized judicial practice on issues related to the participation of authorized government agencies in bankruptcy cases, and the bankruptcy procedures applicable in these cases. As part of this case law analysis, the Supreme Court paid attention to those particular disputes during insolvency proceedings that contested debtors’ transactions involving paying mandatory payments, specifying, inter alia, the application of provisions under federal law 127-FZ, dated October 26th, 2002 entitled “On insolvency (bankruptcy)”, that came into force on September 1st, 2016.
EZH-Yurist
27
June
2016

How to avoid bankruptcy at the initiative of the Federal Tax Service

If the company's tax debt exceeds 300,000 roubles, and is not repaid within three months after receiving the request from the inspection service, the Federal Tax Service of Russia is entitled to initiate a bankruptcy procedure. We will look at how you can avoid this altogether, or slow down the process.
Tax disputes
13
May
2016

Let's talk about the bankruptcy of individuals

In 2015, legislation on insolvency (bankruptcy) had taken a step towards the solution of pressing social problems. Of course, the main, and the most discussed, event was the introduction of the institution of bankruptcy of individuals. However, against the background of the general buzz around personal bankruptcy, few people noticed that the reforms also gave employees the right to apply for bankruptcy of their employer. For now, these innovations have not led to the expected socially significant consequences.
EZH-Yurist
18
December
2015

To get one’s debt returned, or obtain control of the debtor?

The desire to recover a debt from a borrower is understandable. However, is it justified for a bank to resort to abusive and aggressive behaviour? Judicial practice shows that this should be avoided, because it may result in losses to the bank. What are the responsibilities stipulated by legislation when it comes to unscrupulous actions of the lender, upon initiation of bankruptcy proceedings?
Legal work in a credit organization
10
November
2015

Bridging the gaps, but not all of them

Plenum of the Russian Supreme Court in its Decree No.45 prepared a detailed explanation as to which specific characteristics should be taken under consideration by arbitration courts, when reviewing cases concerning the insolvency (bankruptcy) of citizens.
EZH-Yurist
22
September
2015

Overview of changes to legislation in July-August 2015

This summer, the Russian State Duma adopted a number of important laws, some of which will be introduced to you in the new survey. With the adoption on 01 July 2015 of the law on PPP, new players may appear on the established concession projects market, which will come out with new initiatives in the PPP field. Moreover, the novel amendments in this law will have a significant impact on regional PPP-projects markets. Employees will now be able to apply for recognition of their employer as insolvent (bankrupt). For actions that have caused failure to fulfil obligations under a state contract, and cause substantial harm to legally protected interests of society and the state, severe administrative fines will be levied. Legal entities registered in a territory, not requiring the disclosure of information on financial operations in relation to legal entities, are prohibited from participating in state tenders. Citizens of the Russian Federation, starting from 01 January 2016, will have the so-called “right to be forgotten” – the right to require an operator of a search engine on the Internet to stop the issuance of links that allow access to personal information.
Alexander Sitnikov, Managing partner
Business of Russia

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