Bankruptcy and Anti-Сrisis Protection of Business
Alerts
On 30 April 2020, the Russian Supreme Court (the “Supreme Court”) approved additional Review No. 2 of selected issues of case law associated with the application of legislation and measures to prevent the spread of the new coronavirus infection (COVID-19) in the Russian Federation.
Pepeliaev Group advises that on 27 April 2020 Federal Law No. 149-FZ dated 24 April 2020 came into force, introducing significant changes to the Law on bankruptcy regarding the moratorium on bankruptcy.
Pepeliaev Group advises on the rules for identifying entities with respect to which the moratorium on bankruptcy was enacted in the light of the coronavirus COVID-19 pandemic, and concerning certain types of transactions which such organisations have no right to enter into while the moratorium is in force.
Amendments to the Russian Tax Code have been introduced by Federal Law No. 325-FZ dated 29 September 2019 “On amending Part I and Part II of the Tax Code of the Russian Federation”, including to article 73 of the Code. The provision has been supplemented with clause 2.1 concerning the creation of a pledge with respect to the obligations to the state budget by virtue of a law. Please find below the principal amendments and consequences of the new provisions being implemented as applied to the interests of a taxpayer company and its creditors if the company goes bankrupt.
Pepeliaev Group draws your attention to the explanations of the Russian Supreme Court regarding the application of Chapter III.2 of the Bankruptcy Law “Liability of a debtor’s executive manager and other persons in a bankruptcy case”.
Pepeliaev Group draws your attention to the official position of the Russian Federal Tax Service with regard to the application of the new provisions of bankruptcy legislation on the secondary liability of controlling parties.