Bankruptcy and Anti-Сrisis Protection of Business

Explanations of the Russian Federal Tax Service have increased the risks of secondary liability for controlling parties

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.

Debt collection activities: new rules Pepeliaev Group would like to advise of material changes in the regulation of activities relating to the return of individuals’ overdue debts. 

Developments in bankruptcy legislation: the risks are getting higher Pepeliaev Group would like to advise of far-reaching changes in procedures used in bankruptcy cases. 

The Supreme Court has clarified certain issues relating to the bankruptcy of individuals Pepeliaev Group advises: On 13 October 2015, the Russian Supreme Court adopted its Plenum’s Resolution No. 45 "On certain issues relating to procedures being brought into effect to be used in insolvency (bankruptcy) proceedings involving individuals". This clarifies how specific provisions of Federal Law No. 127-FZ "On insolvency (bankruptcy)" should be implemented. The provisions in question came into force on 1 October 2015 and regulate the bankruptcy of individuals.

Bankruptcy of individuals as a new factor for credits to be issued Pepeliaev Group advises that on 1 July 2015 the amendments to the Bankruptcy Law will be enacted in connection with rehabilitation procedures being implemented for debtors who are individuals. Lending institutions should consider the implications of these new provisions being enacted when granting loans to individuals.