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Bankruptcy and Anti-Сrisis Protection of Business

Alerts

02September2022
The risks are increasing for stakeholders that are investors

Pepeliaev Group advises that in August 2022 the Russian Supreme Court issued a Ruling confirming the court practice of the lower courts in the area of shared construction that investors who are individuals are deprived of the benefits in the event of the developers’ bankruptcy when residential premises are acquired for investment purposes.

14April2022
The draft law on external administration of companies with foreign membership The draft law No. 104796-8 “On external administration for the management of a company” has been put before the State Duma.
01April2022
Moratorium on bankruptcy
Pepeliaev Group advises that the Russian Government’s Resolution dated 28 March 2022 imposes a moratorium on bankruptcy.

The purpose of the moratorium is to support citizens, individual entrepreneurs and companies which have found themselves in a difficult financial position after sanctions were imposed on Russia.

15March2022
Draft law on the external management of companies associated with hostile states Pepeliaev Group advises that the Ministry of Economic Development, in accordance with the instructions of the Russian Government dated 8 March 2022, has prepared a draft law “On an external administration for the management of a company”.
28July2021
The Russian Central Bank has introduced a procedure for maintaining a register of controlling persons for credit institutions, insurance companies and public pension funds Pepeliaev Group advises that on 26 July 2021 the Russian Central Bank’s Instruction No. 5814-U dated 9 June 2021 came into legal force regarding the form, procedure and deadlines for submitting information to the Bank of Russia about controlling persons of financial institutions, and the procedure for the Bank of Russia to maintain the list of such persons.
14July2021
Criminal liability has been made harsher in the bankruptcy sphere Pepeliaev Group advises that a criminal liability has been made harsher for beneficial owners and other controlling persons, as well as court-appointed administrators for their unlawful activities during a bankruptcy and for deliberate bankruptcy.
04May2021
The Russian Constitutional Court has allowed foreclosure on the only residential property of a bankrupt individual Pepeliaev Group advises that the Constitutional Court’s Resolution No. 15-P was published on 26 April 2021. The Resolution determines whether the only residential property should be excluded from the bankruptcy estate where such property belongs to an individual debtor and exceeds the property that is reasonably sufficient for satisfying the need for residential property established by the Constitution.
02April2021
Counterparty’s insolvency risks for creditors of state and municipal unitary enterprises Pepeliaev Group advises of specific aspects of how claims of creditors of state enterprises are satisfied at the expense of the debtor’s rights to a land plot.
17February2021
Strengthening risks of liability with respect to obligations of finacial institutions Pepeliaev Group advises that, from 1 July 2021 a significant amendment is expected in terms of the regulation of the status of persons controlling the activity of credit institutions and insurance companies and non-public pension funds, and their liability.
05October2020
Moratorium for bankruptcies extended until 2021

Pepeliaev Group advises that in its Resolution No. 1587 “On extending the moratorium for initiating bankruptcy cases further to applications of creditors with respect to individual debtors” dated 1 October 2020 the Russian Government (the “Government”) has extended until 7 January 2021 the moratorium for initiating bankruptcy proceedings further to creditors’ requests as stipulated by article 9.1 of the Law on Bankruptcy . 
30July2020
Out-of-court bankruptcy of individuals: the law has been adopted

Pepeliaev Group advises that on 1 September 2020 amendments are coming into effect to the Bankruptcy Law which provide for a new procedure of out-of-court bankruptcy of individuals.

09June2020
The law on granting a court instalment plan to debtors to whom moratorium applies

Pepeliaev Group advises that on 8 June 2020 the Russian President signed the new federal law No. 166-FZ on measures to ensure the stable development of the economy and to prevent the consequences of the spread of the coronavirus. Article 9 of the federal law contains provisions granting debtors to which the moratorium applies a court instalment plan in bankruptcy cases for the purpose of settlements with creditors.