В России на протяжении довольно долгого времени действуют нормы, позволяющие кредиторам в случае банкротства компании привлечь к ответственности ее бывших собственников и руководителей (так называемая субсидиарная ответственность при банкротстве). При этом размер ответственности определяется исходя из размера недополученных кредиторами по итогам банкротства средств.

In Russia, there have long been rules that allow creditors to hold a company’s former owners and executives liable in the event of insolvency (referred to as subsidiary liability in insolvency). In this case, the amount that the individuals are liable for is based on the funds that remain outstanding to the creditors following the insolvency.

On 12 August 2020, we wrote about three important judicial decisions of the courts in England and Singapore relating to the enforcement of arbitration agreements over claims arising under insolvency laws.

This guide provides a comparative analysis of certain key areas of law and procedure for those involved in or affected by financial distress of a corporation and the trading of distressed debt across Europe.

Our tracker contains an overview of changes made in light of the Covid-19 outbreak which impose restrictions on creditor rights, relax debtor obligations to file for insolvency or concern other insolvency-related issues. As you will appreciate, this is a dynamic situation, and both the measures announced and applicable legal framework will continue to evolve in the coming days, weeks and months

Legal & Regulatory

BRRD: FCA publishes modification by consent for Article 55 rules

On May 9 2017 the Amsterdam Court of Appeals ruled that the Russian liquidation order of August 1 2006 regarding OAO Yukos Oil Company is contrary to Dutch public order and therefore null and void.(1) An interesting question is whether the judgment will have a bearing in the appeal of the annulment proceedings concerning the $50 billion Energy Charter Treaty (ECT) arbitration case between former Yukos shareholders and Russia, which is pending before The Hague Court of Appeal.

Bundesgesetz Nr. 286-FZ vom 30. September 2017 über die Einführung von Änderungen des zweiten Teils des Steuergesetzbuches und einiger Gesetzgebungsakte der Russischen Föderation

Hintergrund

Revised Russian Bankruptcy Regulations

A moratorium on bankruptcy filings and certain security enforcement has been imposed by the Russian government for at least six months with respect to many categories of companies. During this period, the ability of creditors to enforce their existing rights will be restricted significantly. It is likely that the negotiating balance will swing in debtors’ favor, but the moratorium will place all business and survival decisions of those protected companies under increased scrutiny and at risk of being challenged or found void in certain cases.

Legal Background