In an expedited process, a Federal Law amending several legislative acts was passed by the State Duma and Federal Council of the Russian Federation. In particular, the law envisages use of the power of the Government of the Russian Federation to impose, in extraordinary cases, a moratorium on insolvency pro-ceedings and provides a legal regime of such moratorium. It is highly likely that the law will be signed by the President of the Russian Federation in the nearest future and will become effective on the day of its official publication.
The proposed amendments, in general, are in line with the similar measures being adopted in other countries, in order to avoid mass bankruptcies, amid an economic crisis.
In light of the proposed amendments, we would like to draw the attention of our clients and colleagues to the main provisions and problematic issues of the adopted law.
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Practices: Restructuring and Insolvency
Note: Please be aware that all information provided in this letter was taken from open sources. Neither ALRUD Law Firm, nor the author of this letter bear any liability for consequences of any decisions made in reliance upon this information.
We hope that the information provided herein will be useful for you.