From April 1, 2022, Russia Introduces a Moratorium on Initiating Bankruptcy Proceedings Under the Claims of Creditors
A Decree of the Government of the Russian Federation introduced a moratorium on initiating of bankruptcy cases at the request of creditors for the second time. The previous moratorium was imposed to support the most affected by the coronavirus economy sectors and lasted for 9 months. The current moratorium has been introduced for half a year, but the possibility of its extension cannot be excluded.
Fourth Judicial Review of the Supreme Court of the Russian Federation
One month after adopting Practice Review No. 3, the Presidium of the Supreme Court on December 23, adopted the next (fourth) review for the year 2020.
COVID-19: Legal Watch
The coronavirus outbreak (COVID-19) served as a trigger for a targeted effort to assess and manage the possible effects of it. The Russian Government continues to update the measures taken or introduce new ones, trying to act ahead of the possible adverse consequences. Our lawyers are closely monitoring the situation, watching out for the new measures introduced in relation to the coronavirus.
We offer overview of key legislative changes and recommendations for business in the current pandemic.
First introduction of cramdown in Russian Bankruptcy
In addition to recent measures supporting the economy and preventing spread of COVID-19 a new law No. 166-FZ dated 8 June, 2020 «On amendments to certain legislative acts of the Russian Federation with a view to taking urgent measures aimed at ensuring sustainable economic development and preventing the consequences of the spread of a novel coronavirus infection» was adopted (hereinafter referred to as Law no. 166). Law No. 166 amended regulations provided by the Bankruptcy law with several novels.
Corrections to the moratorium
At the beginning of the month Russian regulators implemented a draft law, which provides for the possibility of the Government of the Russian Federation by its act to introduce a moratorium on initiation of bankruptcy proceedings under natural and man-made emergencies, significant changes in the ruble exchange rate and similar exceptional circumstances (for more details see the update).
Moratorium on initiating bankruptcy proceedings
In the time of coronavirus Russian regulators implemented package of emergency legislation including Insolvency law. On April 1, the law was published, and on April 3, the Government exercised the right and introduced a moratorium on initiating bankruptcy proceedings for certain categories of debtors for 6 months.
Draft law on interchangeability of drugs has been developed
On March 21, 2018, the Russian Supreme Court published its Decision in case No. A55 5711/2014, which may have a dramatic impact on resolution of trademark non-use disputes.
Draft law on disclosure of shareholders’ agreement has been introduced to the State Duma
On 8 November 2017 a draft bill1 (Bill) adopting amendments to the EFRS (Unified Federal Register of Companies’ Information) has been introduced to the State Duma of the Russian Federation.