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The Supreme Court Сonfirmed the Jurisdiction of Russian Courts to Bankrupt a Foreign Debtor

26 February 2024

Starting from 2021 bankruptcy of foreign legal entities in Russian commercial courts has been actively developing. Most of the judgments were issued by courts of appeal and cassation stages and then confirmed by “refusal” rulings of the Supreme Court. It is also interesting that such bankruptcy proceedings were initiated by either Russian state bodies or Russian legal entities.

From April 1, 2022, Russia Introduces a Moratorium on Initiating Bankruptcy Proceedings Under the Claims of Creditors

04 April 2022

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.

COVID-19: Legal Watch

25 July 2020

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

25 June 2020

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

24 April 2020

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).