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.
Правовое регулирование процедур банкротства в России в настоящее время продолжает активно совершенствоваться. Об этом свидетельствует принятие в 2013 году девяти федеральных законов, которыми были внесены существенные изменения в ФЗ «О несостоятельности (банкротстве)» № 127-ФЗ, а также иные связанные с регламентацией банкротства нормативные акты, часть из которых вступит в силу в течение 2014 года.
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:
Russia has continually been working to improve the functioning of its judicial system and the administration of justice for more than two decades. The active reforms began with a decree by the Russian president creating the judiciary as a branch of the state, separate from the legislature and the executive, and these reforms have yet to be completed. In fact, we are now seeing a new level of reform, in which the Supreme Arbitration Court of the Russian Federation will cease to exist and its powers will pass to the newly formed Supreme Court of Russia.
Key point
The English Courts have refused to discharge a bankruptcy order made on the basis of the individual's presence in the jurisdiction for one day only, where Russian asset freezing orders had been broken, the Court misled and in the knowledge recognition of a UK bankruptcy order in Russia was unlikely.
The facts
I. Кредитор не вправе требовать исполнения первоначального обязательства до истечения установленного сторонами срока предоставления отступного (КБ "ЭКОНОМИКС-БАНК" (ООО) v. ООО "Мясное подворье". Дело №ВАС-2504/14)
In late December 2014, Russia adopted major changes to its insolvency (bankruptcy) law. Critically, the changes introduced the long-awaited regulation of individual insolvency (personal bankruptcy), with the aim of closing the regulatory gap and supporting individual debtors struggling during Russia's economic downturn.1 Some time has passed since the initial draft law on individual insolvency (personal bankruptcy) was first delivered to the Russian Parliament back in 2012.
Настоящий обзор представляет собой краткое изложение последних изменений в российском законодательстве и не является юридической консультацией. За консультацией по конкретному вопросу следует обращаться непосредственно к юристу. Уайт энд Кейс Романов пер., д. 4 125009 Москва Россия + 7 495 787 3000 + 7 495 787 3001 Изменения в законодательстве о банкротстве Март 2015 ClientAlert Финансовая реструктуризация и банкротство В декабре 2014 г. были внесены изменения в Федеральный закон “О несостоятельности (банкротстве)” № 127-ФЗ от 26 октября 2002 г. (“Закон о банкротстве”).
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”).
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