While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of oil and gas prices. There are now signs however, that its complex troubles are pushing certain companies towards a restructuring or insolvency position.

22 ноября 2016 года Пленум Верховного Суда Российской Федерации издал Постановление № 54 «О некоторых вопросах применения общих положений Гражданского кодекса Российской Федерации об обязательствах и их исполнении».

Постановление содержит 59 пунктов, содержащих разъяснения различных положений Гражданского кодекса РФ. 

Практический интерес для бизнеса, помимо прочего, представляют разъяснения по следующим вопросам:

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.

Significant improvements have been made to creditors’ rights in Russian bankruptcy proceedings by amendments made on January 29, 2015. The Federal Laws No. 432-FZ “On Amending Certain Legislative Acts of the Russian Federation” and No. 482-FZ “On Amending the Federal Law on Insolvency and Administrative Offences Code” (together, the Amending Laws) came into force in Russia. The Amending Laws significantly modify the Federal Law “On Insolvency” and, to a certain extent, improve creditors’ rights in Russian bankruptcy proceedings. Further changes come into force on July 1, 2015.

In 2013 bankruptcy case law has been affected by significant changes in the legislation concerning subsidiary liability of controlling persons and on regulating the bankruptcy of certain categories of debtors including developers and financial organisations.

The legal regulation of bankruptcy procedures in Russia is actively improving. Evidence of this is the nine federal laws adopted in 2013 which substantially amend Federal Law No. 127-FZ "On insolvency (bankruptcy)" as well as other regulations that deal with bankruptcy regulation. Some of these will come into force during 2014.

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment of Interest on Creditors’ Claims in Insolvency” (the “Resolution”)1. The Resolution resolves a number of important practical issues and creates new regulations governing, in particular:

ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome. White & Case LLC 4 Romanov Pereulok 125009 Moscow Russia + 7 495 787 3000 + 7 495 787 3001 Amendments to Insolvency Law March 2015 ClientAlert Financial Restructuring and Insolvency In December 2014, amendments were introduced to the Federal Law “On Insolvency (Bankruptcy)” No. 127-FZ, dated 26 October 2002 (“Insolvency Law”).

1. INTRODUCTION

A simple, clear and effective insolvency regime is a vital element in attracting both domestic and foreign investment in a jurisdiction like Russia. To be effective, an insolvency regime has to balance the interests of various classes of creditors, as well as the interests of creditors generally in relation to other interested parties, such as shareholders or participants. An insolvency regime is expected to give the debtor an opportunity to discharge its obligations and continue its business activity.