The development of insolvency legislation in modern Russia has lasted for more than 17 years. Three insolvency laws have been adopted and succeeded each other since 1992. Even in the last three years, nine amendments have been made to the current law passed in 2002, with the last edition of the law coming into force in June 2009. Frequent revisions of the law testify that the legislation lags behind the intensive development of the market economy in Russia and demand radical modernisation.

Conflicting court decisions and divergent cross-border laws are leading to increasing uncertainty in cases affecting the financial markets.

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.