Directors of insolvent companies to face increased liability risk

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Russian insolvency law provides that directors (and other controlling persons) can be held liable for the failure to file for insolvency in a timely manner and for actions (or inaction) that prevented full repayment of the creditors’ claims. The amendments to the insolvency law, introduced by the Federal Law No. 266-FZ on 29 July 2017 further systematise rules on directors’ liability, elaborate them and provide for effective tools to fight abusive and opportunistic managerial behavior.

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