Постановление Девятого арбитражного апелляционного суда от 19.06.2012
Участники спора
Конкурсный управляющий
ЗАО «Цифровая электроника» ЗАО «Цифровая электроника» (Должник)
ОАО «СИТРОНИКС» (сторона оспариваемой сделки с Должником, Кредитор)
Фабула дела
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
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.
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.
28 June 2013 the Russian President signed Federal Law No. 134-FZ amending a number of laws in relation to combating illegal financial operations.
The Law amended, in particular, the Law on Banks and Banking Activity, the Anti-Money Laundering Law, the Criminal Code and the Code of Administrative Offenses, the Law on State Registration of Legal Entities, the Bankruptcy Law, laws regarding certain financial organizations, and the Tax Code. Below is a summary of the key changes (save for those made to the Tax Code).
New Law on "Amendments to the Law on Insolvency (Bankruptcy) and Articles 17 and 223 of the Arbitrage Procedural Code with respect to establishment of special rules for bankruptcy of developers attracting money from participants in construction" was adopted on July 12, 2011 (the "Amendments"). Most of the Amendments were introduced as a special chapter No. 7 named "Bankruptcy of Developers" into the Federal law on Insolvency (Bankruptcy) No. 127-FZ as of 26 October 2002 (as amended) (the "Bankruptcy Law").
On 19 August 2011, the Ministry of Economic Development of the Russian Federation published on its official website a draft order on establishing the procedure for entering information on bankruptcies in the Unified Federal Register (the "Order").
Specifically, the Order:
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.
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.
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.