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    Is it possible to prove that a related party transaction has not caused losses to creditors?
    2013-04-04

    Resolution of the Ninth Commercial (‘Arbitration’) Court of Appeal

    dated 19 June 2012

    Parties in dispute

    Receiver of Digital Electronics CJSC

    Digital Electronics CJSC (the “Debtor”)

    SITRONICS OJSC (a party to the challenged transaction with the Debtor, the “Creditor”)

    Narrative

    Filed under:
    Russia, Insolvency & Restructuring, Litigation, Pepeliaev Group, Bankruptcy, Debtor
    Authors:
    Yulia Litovtseva
    Location:
    Russia
    Firm:
    Pepeliaev Group
    A fee for services or public functions?
    2013-04-18

    The issue of the fee for an insolvency practitioner affects every single person involved in insolvency (bankruptcy) proceedings. It is known that the receiver’s fee is generally paid out of the debtor’s assets. Accordingly, the higher the fee, the fewer the assets that remain to satisfy creditors’ claims, restore the debtor to solvency and distribute the liquidation surplus among the members.

    Filed under:
    Russia, Insolvency & Restructuring, Litigation, Pepeliaev Group, Bankruptcy, Debtor
    Authors:
    Yulia Litovtseva
    Location:
    Russia
    Firm:
    Pepeliaev Group
    Overview of the case law of the Russian Supreme State Commercial (Arbitration) Court in relation to applying insolvency (bankruptcy) legislation
    2013-05-30

    Specifics of enforcing the consequences of the invalidity of a transaction whereby a pledgeholder leaves pledged property in its ownership.

    (ruling No. VAS-14907/11 dated 20 March 2012)

    By the above ruling, the Supreme Arbitration Court (SAC) has actually reinforced the specifics of enforcing the consequences of a transaction transferring a debtor’s pledged property being invalid if it is not possible to restore the parties to their initial position.

    Filed under:
    Russia, Arbitration & ADR, Insolvency & Restructuring, Litigation, Pepeliaev Group, Bankruptcy, Debtor
    Authors:
    Yuri Vorobyev , Yulia Litovtseva
    Location:
    Russia
    Firm:
    Pepeliaev Group
    The federal law “on clearing and clearing activities” and related amendments to Russian legislation
    2011-03-18

    Background

    Until recently Russian legislation was not familiar with the concept of close-out netting. Although there was no prohibition for market participants to enter into netting agreements, Russian courts would not enforce such agreements in case of bankruptcy. This led to the use of complex structures to avoid the negative consequences of the application of Russian law and was a strong argument in favor of using foreign entities and application of foreign law to derivative transactions.

    Filed under:
    Russia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Contractual term, Bankruptcy, Clearing (finance), Security (finance), Statutory interpretation, Commodity, Inflation, Derivatives market
    Authors:
    Evgeny Zelensky
    Location:
    Russia
    Firm:
    Herbert Smith Freehills LLP
    Employees may be able to initiate bankruptcy proceedings against employers for delayed salaries
    2011-08-31

    On 9 August 2011, the Ministry of Economic Development and Trade of the Russian Federation published a draft law aimed at increasing the effectiveness of protecting first and second priority creditor rights (the "Draft Law").

    Specifically, the Draft Law:

    Filed under:
    Russia, Employment & Labor, Insolvency & Restructuring, SEAMLESS Legal, Bankruptcy, Legal personality, Liquidation, Economic development
    Authors:
    Karen Young , Konstantin Baranov
    Location:
    Russia
    Firm:
    SEAMLESS Legal
    Overview of Russian law on insolvency of credit organisations
    2008-11-11

    Intoduction

    With the credit crunch impacting the Russian banking sector and Russian banks facing their gravest crisis since 1998 (as evidenced by Bank Globex freezing deposits), it is in our view timely to revisit the regulations affecting the insolvency of Russian credit organisations.

    Filed under:
    Russia, Banking, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy, Credit (finance), Liquidation, Credit crunch, Chicago Mercantile Exchange
    Location:
    Russia
    Firm:
    Herbert Smith Freehills LLP
    Insolvency and restructuring: changes proposed by the State Duma
    2008-12-22

    The business community is going to see an increase in default claims due to the mounting credit crisis. Many companies will not survive in such an environment and a wave of insolvencies is likely to ensue. The prospect of this has forced the State Duma to focus on developing a robust response. New bills, which would transform the Russian insolvency landscape, are currently under consideration.

    Filed under:
    Russia, Insolvency & Restructuring, Dentons, Bankruptcy, Costs in English law, Shareholder, Mortgage loan, Liability (financial accounting), Negligence, Professional liability insurance, International Swaps and Derivatives Association, State Duma
    Location:
    Russia
    Firm:
    Dentons
    Insolvency and restructuring changes proposed by the State Duma
    2009-01-14

    The business community in Russia is going to see an increase in default claims due to the mounting credit crisis. Many companies will not survive in such an environment and a wave of insolvencies is likely to ensue. The prospect of this has forced the State Duma to focus on developing a robust response. New bills, which would transform the Russian insolvency landscape, are currently under consideration.

    Filed under:
    Russia, Insolvency & Restructuring, Dentons, Bankruptcy, Costs in English law, Shareholder, Debtor, Mortgage loan, Liability (financial accounting), Negligence, Default (finance), Professional liability insurance, International Swaps and Derivatives Association, State Duma
    Location:
    Russia
    Firm:
    Dentons
    Legal update of amendments to the Insolvency Law and the Insolvency Law of Credit Organisations
    2009-05-18

    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).

    Filed under:
    Russia, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Accounting, Consideration, Good faith, State Duma, Constitutional amendment
    Authors:
    Alexander Barmin
    Location:
    Russia
    Firm:
    Dentons
    Actions to be taken by a creditor after the debtor's filing for insolvency, prior to the Arbitrazh Court hearing
    2009-05-26

    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.

    Filed under:
    Russia, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Legal personality, Credit (finance), Debtor, Debt, Liquidation, Commercial law, Liquidator (law)
    Authors:
    Alexander Barmin
    Location:
    Russia
    Firm:
    Dentons

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