On 21 December 2017 the Supreme Court of the Russian Federation issued clarifications on the liability of controlling parties in the event of bankruptcy.1 These clarifications are important for shareholders and company management, since the changes to the Law on Bank ruptcy and current case law have extended the scope of liability of controlling parties in the event of bankruptcy.

The main cases where controlling parties can be held liable are:

(1) the declaration of bankruptcy of the debtor was not filed in pro per time;