General context

The statutory regulation of cryptocurrency in Russia is yet to be made compatible with the current dynamics of digital assets.

Deposit Ins. Agency v. Leontiev, No. 17-MC-00414 (S.D.N.Y. July 23, 2018) [click for opinion]

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

Russia's bankruptcy law (the Law) has been amended to expand the list of persons who may be held vicariously liable for a bankrupt's debts and clarify the grounds for such liability.1

Definition of controlling person clarified

Russia’s bankruptcy law (the Law) has been amended to expand the list of persons who may be held vicariously liable for a bankrupt’s debts and clarify the grounds for such liability.

Definition of controlling person clarified

DBI 2017 - A5 With Bleed.indd 3 20.02.2017 8:22:56 Doing Business in Russia 2017 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

In December 2014 Russia’s Federal Law “On Insolvency (Bankruptcy)” was  significantly amended to introduce bankruptcy of individuals and modify the  rules for bankruptcy of legal entities.  The amendments related to bankruptcy of legal entities came into effect on  29 January 2015.

Doing Business in Russia 2015 Doing Business in Russia 2015 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

Saudi Arabia finally adopted a modern bankruptcy law on Wednesday 14/02/2018G by virtue of a Royal Decree No. M/50 dated 28/05/1439H (corresponding to 14/02/2018G) (the “BL”). The BL is based on bankruptcy protection laws around the globe, and it replaces the existing outdated framework on bankruptcy which was embedded within the Commercial Court Law and the Bankruptcy Protective Settlement Law.

The Singapore Ministry of Law will introduce the COVID-19 (Temporary Measures) Bill (the Bill) in Parliament next week to address the impact of COVID-19 on businesses and individuals' ability to fulfil their contractual obligations. The Bill will also make some temporary changes relating to bankruptcy and insolvency.

The Bill will apply to various categories of contracts, including: