BTA Bank JSC completed the restructuring of approximately US$16,700,000,000 of debt in August 2010 just 16 months after it first defaulted. The restructuring of one of Kazakhstan’s largest financial institutions was protracted and complex due to the diverse creditor group, the legacy of the past management of the bank and the challenges of the country’s regulatory and legal systems.

Kazakhstan's biggest development in the field of restructuring in 2010 was undoubtedly the Special Financial Court of Almaty's decision to recognise a plan for BTA Bank. In part, the rescue was made possible by the provisions of the Restructuring Law, which is similar to UK and US corporate rescue regimes and is intended to allow bank restructurings to be recognised in London, New York and other leading financial centres. Read article

Welcome to the fifth edition of this publication which has been compiled by the Salans Global Corporate Group comprising experienced lawyers from each of our 22 offices. Previous editions have dealt with: the establishment of companies and partnerships in key jurisdictions; the use of warranties in international acquisitions; the issue and transfer of securities in key jurisdictions;and governmental approvals and third party consents in corporate transactions.