Hogan Lovells Publications | 27 March 2020
Coronavirus FAQ: Key legal considerations for Russia
Moscow authorities strongly encourage employers to introduce remote working (work from home) regime where possible. Please make sure you carefully document the new working regime in the addenda to the employment contract or have special internal policy governing this.
The law has come in force in Russia which provides for a regime of moratorium on insolvency filings of certain categories of debtors.
Below we summarise the key provisions of the regime.
This publication is relevant as of its date. Please note that the situation is evolving very rapidly and we cannot guarantee that the publication is still up-to-date as at the time of reading.
During his national address on 2 April, President Putin announced his decision to prolong the initial non-working days from 4 April to 30 April 2020 inclusive in order to fight against the spread of COVID-19. He signed a new Executive Order* providing for this.
В ходе своего обращения к гражданам 2 апреля президент В. В. Путин объявил о своем решении продлить первоначально установленный режим нерабочих дней с 4 апреля по 30 апреля 2020 года включительно. В этих целях президентом был подписан новый указ, предусматривающий соответствующие меры.
Deposit Ins. Agency v. Leontiev, No. 17-MC-00414 (S.D.N.Y. July 23, 2018) [click for opinion]
Nothing lasts forever – a legal entity may close by choice or circumstance. It is often the case that during liquidation procedures and following settlements with creditors, rights holders are no longer able to manage their trademarks. This article addresses the fate of those trademarks. The liquidation of a legal entity does not automatically result in a transfer of rights and obligations. However, after settlements are made, it is common for the legal entity’s property to be transferred to the founder of that entity that has proprietary or corporate rights.
Russia's Supreme Court guidelines reduce high net worth individuals' ("HNWIs") asset protection opportunities and potentially create risks of additional creditor claims against HNWIs after divorce and asset division between the HNWI and his/her spouse.1
In addition, these guidelines enable third parties, notably creditors of the ex-spouse, to get access to information regarding the HNWI's disputed assets. We summarize the most important points of these guidelines below.
Key developments
The Constitutional Court of the Russian Federation has obliged a tax authority to check the relevancy of the claim to recognize a debtor as a bankrupt in terms of prospects and economic feasibility of initiating such dispute.
We recently published a blog identifying issues which cryptocurrency pose in insolvencies; not least identifying and classifying it, how to take control of it and realising value for the insolvency estate.
Given cryptocurrencies are global, the question of how to classify cryptocurrency on insolvency is not limited to just one jurisdiction.
The financial Director, who is the controlling person of the debtor, by virtue of the presumption established by law, withdrew from the current account of the debtor funds in the total amount of 1 500 000 rubles. These funds she spent by order of the Director in the period from 14.01.2015 to 13.01.2016.