A successful purchase depends not just on negotiating a two-party transaction, but rather navigating the applicable process and dealing with all the competing interests successfully to allow a bid to succeed and closing to occur.

Q: Do opportunities exist for asset buyers in times of distress?

The Russian insolvency legislation mainly consists of the Civil Code of the Russian Federation (the Civil Code) and the Federal Law No. 127-FZ on insolvency (bankruptcy) dated 26 October 2002 (the Insolvency Law), the principal legislation on insolvency in the Russian Federation.

This legal update gives an overview of the key amendments to Federal Law No 127 - FZ "On insolvency (bankruptcy)" dated 26 October 2002 (the Insolvency Law) and Federal Law No 40 - FZ "On insolvency (bankruptcy) of credit organisations" dated 25 February 1999 (the Insolvency Law of Credit Organisations).

On 17 April 2009 the Russian State Duma adopted Federal Law No 73 - FZ - "On amendments to certain legislative acts of the Russian Federation" (the 73-FZ Law).