Russia - Restructuring/Insolvency Lawyers & Law Firms - Europe - Chambers and Partners
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Europe Guide

Restructuring/Insolvency — Russia

Overview

There was a rise in bankruptcy in Russia in 2016 and the trend is expected to continue in 2017. At the same time, bankruptcy-related legislation has been significantly amended over past years and there are new changes that will come into force shortly, that are very significant to foreign investors.

The main legal act regulating bankruptcy is Federal Law No. 127-FZ On Insolvency.

Bankruptcy in Russia is handled by state commercial courts that appoint an independent administrator. Currently, the bankruptcy procedure is a lengthy process. As a general rule, first the debtor undergoes the supervision procedure, which may last 5 to 6 months. In that time, the administrator analyses the debtor’s financial position to establish whether it may be restored to solvency. Its creditors submit their claims and the court takes a decision which insolvency-related procedure will be applied. One of the following procedures may be introduced: financial rehabilitation or external administration. Financial rehabilitation means that the debtor should settle its debt with creditors in accordance with the approved schedule. Externally managed restructuring aims to restore the debtor to solvency by restructuring its business. However, it must be noted that the use of financial rehabilitation is currently extremely rare in Russian bankruptcy. This is partly due to the fact that many bankruptcies are initiated too late into the insolvency and the debtors rarely have assets that could be used in a rehabilitation process.

Reform under way

The bankruptcy law reform was started in 2014 and a number of law amendments have been introduced that have significantly increased the guarantees to investors.

One such improvement is the increased transparency of a bankruptcy procedure by the publication of information concerning the status of a bankruptcy online, in the Unified Federal Register of Bankruptcy Information http://bankrot.fedresurs.ru/. The source includes information concerning principal events (such as procedures being implemented, time frames for creditors to raise claims or names of administrators being appointed by a court) as well as data relating to stocktaking, valuation, disposal of the debtor’s assets and any resolutions passed by creditors’ meetings.

Other law amendments seek to increase the use of the financial rehabilitation procedure to bring debtor companies back to solvency. The effort is also made to reduce the number of procedures applicable to companies in bankruptcy and cut the time required for its implementation.

Risks of the bankruptcy of individuals

In Russia, 2016 was marked by the growing number of the insolvencies filed by individuals, although it was possible to declare individual bankruptcy from 1st October 2015. This market trend is important to foreign investors as personal guarantees of company owners and managers are widely used in Russia. This includes large bank debt where personal guarantees are used as a security.

It should be noted that Russian bankruptcy legislation is favourable to creditors and the current and proposed amendments have substantially strengthened the creditors' legal position. Creditors now can challenge debtors' transactions that may be deemed as an attempt to sell off company assets or give a preference to certain creditors. On the other hand, investors should consider the risks that such challenges pose to their deals with Russian counterparties. In general, there is a three-year limit before the bankruptcy has been started on challenging such transactions. Most importantly, if a transaction of a Russian company in bankruptcy is to be challenged on the grounds and within procedures set out in the bankruptcy law, it will be Russian courts that will hear the case, irrespective of any arbitration clauses or applicable law agreement set out in the contract.

Investors who are creditors of Russian companies or founders of subsidiaries in Russia are also advised to pay special attention to the rules of secondary liability applicable to the parties in control of the debtor. In 2017, new provisions are to come into force which make it possible to impose secondary liability on the beneficial owners and members of governing bodies of Russian companies even after the relevant legal entity has been wound up (and the receivership proceedings have come to an end) as well as in cases when no bankruptcy has been initiated. Our experience shows that many CEOs of companies are unaware of such obligations and liability.

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Clifford Chance - Restructuring/Insolvency

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Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- 4 partners
- 20 other lawyers

What the team is known for Top-tier team consisting of a close-knit group of specialists in finance, litigation and corporate law, present on large-scale restructuring cases. Represents banks as well as corporate clients in both non-contentious restructuring and bankruptcy litigation. Closely collaborates with London-based lawyers on cross-border matters.

Strengths "They are proactive, think strategically and give advice straight away."

"Clifford Chance has a client-oriented attitude. We can call them any time and speak to any partner who will solve an issue."

Work highlights Acted for Sberbank on a USD585.5 million debt restructuring of Utair.

Advised Russian Standard Bank on the restructuring of loan participation notes valued at USD550 million.

Significant clients Erste Group Bank, ING Group, VTB Capital, Deutsche Bank, Société Générale.

Notable practitioners

Managing partner Victoria Bortkevicha is recognised for her expertise in various types of financing, particularly in relation to energy and infrastructure projects. She recently assisted Erste Group Bank with Amurmetal's bankruptcy.

Based in London, Logan Wright remains active in cross-border restructuring and insolvency work relating to Russia. "He has unique experience of super-complex restructuring deals," a client says.

Counsel Adam Fadian is actively involved in the firm's large-scale debt restructuring mandates. Clients describe him as "proactive and available round the clock" and "always providing quality advice."

Department profile by Clifford Chance

We offer practical and commercial advice on a full range of contentious and non-contentious issues encountered in insolvencies.

We regularly represent a whole range of stakeholders from lenders; corporate debtors experiencing financial difficulties to lender groups; agents to syndicated lending groups; commercial creditors; insolvency officers; official and unofficial creditors’ committees; principal finance and private equity sponsors; financial institutions; accountants; and financial advisers.


Restructuring and Workouts

  • restructuring distressed debt
  • advising creditors and debtors on recovery and insolvency strategies in default situations
  • assisting with insolvency filings and participation in creditors’ meetings.

Debt Recovery

  • complex contractual disputes, including debt recovery, both before state courts and arbitral tribunals
  • recognition and enforcement of  arbitral awards
  • advising in insolvency cases, including participation in creditors’ meetings
  • assisting with settlement procedures.

Refinancings

  • advising lenders and borrowers on structuring and implementing refinancing solutions, including in​distressed situations, and when existing security needs to be released and retaken

Waivers and Covenant Re-sets

  • advising syndicates and borrowers on amending and/or waiving key financing terms, including introducing financial covenant holidays.​

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Linklaters CIS - Restructuring/Insolvency

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Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- 1 partner
- 7 other qualified lawyers

What the team is known for Highly reputed for non-contentious restructuring, particularly in the natural resources sector. Advises lenders on debt restructuring of large Russian companies as well as refinancing transactions.

Strengths "Linklaters are good at tough negotiations."

"Very strong lawyers who are pleasant to work with."

Significant clients Sberbank, Société Générale, Gazprombank, Bank of America, ING.

Notable practitioners

Michael Bott is a top-tier financing lawyer active in large debt restructuring. A client says he is "quick to respond and practical in advice and approach." Another client highlights his strong negotiation skills.

Department profile by Linklaters CIS

Department profile not yet provided by Linklaters CIS. Please see their firm profile.

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Allen & Overy - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 2 partners
- 12 other qualified lawyers

What the team is known for Widely respected team often acting for banks on debt restructuring cases. Houses an increasingly visible bankruptcy litigation practice where it mostly represents creditors. Particularly active in contentious matters relating to the transport sector, especially aviation.

Strengths "We felt we had an edge with the lawyer representing us when it came to round-table negotiations. We had extra leverage and extra points we could use to our advantage."

"They know the rules of the road and how to get things done."

Work highlights Advised senior lenders on a USD300 million restructuring of Brunswick Rail's indebtedness.

Assists Morgan Stanley with a potential debt restructuring of Astrakhan Oil Company.

Significant clients HSH Nordbank, VTB Bank, ING, AustroFIN, Citibank.

Notable practitioners

Stephen Matthews is a respected banking lawyer who is instructed on financial restructuring mandates. "He was brilliant in navigating conflicting interests and making sure people come together," a client says, adding: "He is very commercial and always focused on the success of the deal." Another client says: "He is very responsive, proactive, suggesting solutions rather than reacting to requests."

Igor Gorchakov lends his strength in Russian finance law and is increasingly more involved in the contentious matters. One client says: "No matter how naive our questions, he was always very understanding and represented us very well."

Department profile by Allen & Overy

Department profile not yet provided by Allen & Overy. Please see their firm profile.

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Baker McKenzie - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 6 partners
- 11 other qualified lawyers

What the team is known for Strong bankruptcy litigation practice, representing creditors, borrowers and insolvency administrators in contentious cross-border mandates. Also provides advice on corporate and financial restructuring.

Work highlights Acted for insolvency administrator Busygin against the controlling persons in a distressed company.

Notable practitioners

Litigation practice head Edward Bekeschenko leads the contentious bankruptcy practice.

Department profile by Baker McKenzie

Department profile not yet provided by Baker McKenzie. Please see their firm profile.

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Cleary Gottlieb Steen & Hamilton LLP - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

What the team is known for Recognised for representing borrowers in large-scale, high-profile multi-jurisdictional restructuring matters.

Work highlights Advised Gazprom in relation to the review of the current ownership structure of its European subsidiaries, involved in natural gas trade and transportation, with a view to potential restructuring.

Notable practitioners

London-based Russian and English-qualified Polina Lyadnova continues to work on corporate debt restructuring cases. She is known for blue-chip companies in landmark restructuring mandates.

Department profile by Cleary Gottlieb Steen & Hamilton LLP

Department profile not yet provided by Cleary Gottlieb Steen & Hamilton LLP. Please see their firm profile.

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Egorov Puginsky Afanasiev & Partners - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 5 partners
- 30 other qualified lawyers

What the team is known for One of the most popular choices for bankruptcy-related litigation matters in Russia as a result of strong experience in such cases and very large litigation capacity. Mostly represents creditors in bankruptcy cases as well as acting for high-profile borrowers.

Strengths "My overall impression is that they are strong on talent, are technically excellent and very hard-working for their clients."

Work highlights Acted for Alvarez & Marsal representing BTA Bank versus Mukhtar Ablyazov in disputes relating to Vitino Sea Port and Belomorskaya Oil Terminal valued at USD120 million.

Notable practitioners

Valery Eremenko is recognised for his experience in disputes and bankruptcy cases. He has recently represented several financial institutions in high-stakes bankruptcy-related conflicts.

Department profile by Egorov Puginsky Afanasiev & Partners

Department profile not yet provided by Egorov Puginsky Afanasiev & Partners. Please see their firm profile.

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Herbert Smith Freehills - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 6 partners
- 8 other qualified lawyers

What the team is known for Recognised for advising lenders on large restructuring projects and insolvency matters. Experience ranges from debt recovery to disposal of distressed assets to enforcement proceedings against borrowers. Cross-border asset-tracing cases are a particular strength. Draws on the combined expertise of finance and litigation lawyers.

Strengths "The lawyers will never say that something falls outside the scope of their engagement and they will always help. That's why we choose them."

"We feel they have a reliable partner and provide a solid support to our business."

Work highlights Advised RBS and a syndicate of other banks on the enforcement of a USD340 million facility agreement against a large agricultural group operating in Russia and Kazakhstan.

Acted for liquidator Russell Crumpler on Zolla Holdings' bankruptcy proceedings.

Significant clients Sberbank, Vnesheconombank, ING, ABN AMRO, ONEXIM Group.

Notable practitioners

Artjom Buligin is a banking and finance specialist, closely co-operating with the dispute resolution team in cross-border enforcement cases. Clients say that "he is always keen to help and has great ideas."

Department profile by Herbert Smith Freehills

Department profile not yet provided by Herbert Smith Freehills. Please see their firm profile.

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Morgan, Lewis & Bockius LLP - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 4 partners
- 9 other qualified lawyers

What the team is known for Advances into the second tier as a result of positive feedback and being present on visible financial restructuring instructions. Active in insolvency proceedings as well as debt restructuring mandates. Represents both banks and blue-chip companies. Complemented by its strong banking practice.

Strengths "Practical approach to companies' needs in respective negotiations with the creditors."

"A lot of useful solutions."

Work highlights Acted for Sberbank Europe on Enisey's debt restructuring.

Represented VTB Bank in a matter related to debt recovery from IR-Leasing.

Significant clients Vnesheconombank, MDM Bank, Gazprombank, Uralsib, EBRD.

Notable practitioners

Banking specialist Grigory Marinichev has long-standing relationships with banks and also represents prominent borrowers. Clients say: "He always finds quick solutions to problems and thinks from the business point of view."

Department profile by Morgan, Lewis & Bockius LLP

Department profile not yet provided by Morgan, Lewis & Bockius LLP. Please see their firm profile.

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White & Case LLC - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- 3 partners
- 1 other qualified lawyer

What the team is known for Represents both lenders and borrowers in high-level cross-border consensual restructuring cases as well as insolvency-related litigation. Often acts for banks on debt recovery cases. Especially active in aviation sector handling both restructuring and insolvency mandates.

Work highlights Advised Credit Europe Bank N.V. and its Russian subsidiary on insolvency proceedings and disputes with Art Aztek and its Russian beneficiaries.

Represented Unicredit Bank as creditor in the bankruptcy of Probusinessbank.

Significant clients EN+ Group, Aergo, Aviation Capital Group, Sky Holding Company, VTB Capital.

Notable practitioners

Natalia Nikitina and Maxim Kobzev are key contacts for clients.

Department profile by White & Case LLC

To learn more about our practice, please visit: whitecase.com/law

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ALRUD Law Firm - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- 3 partners
- 8 other qualified lawyers

What the team is known for Notable practice representing creditors and companies in Russian bankruptcies, often involving large regions-based companies. Has recently been instructed on the restructuring of a large industrial company, representing the debtor.

Strengths "Responsive, commercial, timely advice."

Work highlights Advised Mechel on the restructuring of its debt. The transaction involves the sale of a share in its assets to Gazprombank.

Acted for Rosatom on the assets sale of the bankrupt machinery production plant in Chelyabinsk.

Significant clients Wanhua Chemical Trading, Lions Gates Entertainment, Huntsman, OTP Bank Nyrt, Sklostroj.

Notable practitioners

Vassily Rudomino is a key contact for clients.

Department profile by ALRUD Law Firm

Restructuring and Insolvency Team of ALRUD has a unique experience in all types of distressed situations. High profile and complex restructuring and insolvency matters are one of the primary focuses of the firm with a team of attorneys who have wide experience both in restructuring and insolvency matters. We represent creditors and debtors in corporate restructuring and complex bankruptcy cases administered by courts, as well as creditors and receivers in bankruptcy-related disputes such as challenging transactions and recovery of damages from directors and shareholders. We also coordinate work of criminal lawyers in supportive criminal investigations.

Restructuring and Insolvency team assists mainly foreign clients from such diverse industries as Energy, Oil&Gas, automotive, retain and financial services.

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We have a “best friends” model that means we enjoy referrals from top international law firms. 

We have deep cross-border disputes experience and enjoy a steady flow of new cross-jurisdictional projects because of these referrals. Our transparency and integrity are key attractions for these clients. 

There is a strong international element to our work. Over the past year, we have acted on insolvencies involving the UK, offshore (Cyprus, BVI, etc.) and other jurisdictions where we engaged and coordinated work of local lawyers.


Goltsblat BLP - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- 6 partners
- 10 other qualified lawyers

What the team is known for Represents both creditors and debtors in debt restructuring and insolvency-related litigation matters. Advises on the full range of issues faced by clients in a distressed situation.

Strengths "Outstanding client service and document preparation at a fair price for the marketplace."

Work highlights Acted for Odezhda 3000 on a dispute with state-owned Deposit Insurance Agency, AMT Bank's administrator, regarding a loan provided by a bankrupt bank.

Advised Sukhoi and Severstal on the bankruptcy of Mezhprombank.

Significant clients EBRD, Venerable, MAN Financial Services, Cisco Capital.

Notable practitioners

Rustam Kurmaev is a key contact for clients.

Department profile by Goltsblat BLP

  • We are one of few international law firms in Russia able to offer its clients the full range of legal services on restructuring, insolvency and bankruptcy, including cross-border bankruptcy.
  • Our bankruptcy group has unique experience in supporting clients at any stage: from advising on particular issues to rendering comprehensive legal support for all bankruptcy procedures. Moreover, we provide our clients with professional services of the highest quality, irrespective of their type and scope.
  • Having leading specialists in different branches of Russian law (including tax, real estate, corporate governance, criminal law and proceedings, etc.), we are able to provide overall legal support on all issues arising from both debt enforcement and bankruptcy procedures.
  • Extensive experience in supporting company bankruptcy procedures in different sectors.
  • Wide experience in cooperating with professional court-appointed administrators (insolvency officers) whom we may recommend to our clients for conducting relevant procedures in accordance with the law.
  • We hold a strong position on the Russian market and are able to represent clients throughout Russia: in contrast to many of our competitors, we have a full range of capabilities, resources and experience for acting for our clients before supervisory, law-enforcement and other agencies in virtually all parts of Russia, from Kaliningrad to Sakhalin.

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Our bankruptcy group is distinguished by its ability to engage specialists in virtually all the main legal systems (English, US, Russian, Chinese, Islamic, German, French and Israeli law) from within a single law firm, this constituting a tremendous advantage for clients whose interests are not confined to the Russian Federation.


Monastyrsky, Zyuba, Stepanov & Partners - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- 4 partners
- 10 other qualified lawyers

What the team is known for Newly ranked practice focusing on litigation. Offers its notable strength and experience to creditors and borrowers in insolvency proceedings.

Strengths "The MZS team is capable of handling complex and multifaceted disputes which require strategic thinking and experience in different legal matters."

"Efficient, cost-effective and pro-client."

Work highlights Acted for Alfa Bank on high-value insolvency proceedings involving Mostovik.

Represented A1 investment company in a number of court cases in Russia and abroad involving insolvency proceedings of Stroyfarfor.

Significant clients Otkritie Bank, Prodimex, Sibenergostroy.

Notable practitioners

Yuri Monastyrsky is a key contact for clients.

Department profile by Monastyrsky, Zyuba, Stepanov & Partners

Department profile not yet provided by Monastyrsky, Zyuba, Stepanov & Partners. Please see their firm profile.

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Dentons - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- 5 partners
- 15 other qualified lawyers

What the team is known for Joining this year's ranking, this team assists with consensual cross-border restructuring and insolvency litigation cases. Represents mostly domestic and foreign creditors. Draws from the expertise of its corporate, litigation and bankruptcy specialists.

Strengths "The team is a safe pair of hands."

"We were satisfied with the results of their work."

Work highlights Represented GA Telesis in litigation related to Transaero's bankruptcy.

Significant clients Sberbank, EBRD.

Notable practitioners

Andrei Strijak is a key contact to clients.

Department profile by Dentons

Department profile not yet provided by Dentons. Please see their firm profile.

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DLA Piper Rus Ltd - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- 3 partners
- 7 other qualified lawyers

What the team is known for New addition to this year's rankings. Advises on some of the highlight restructuring and insolvency cases, acting for global and domestic financial institutions as well as corporate borrowers. Noted for restructuring work in the aviation and shipping industries. Also assists with distressed asset transactions.

Work highlights Represented Utair in the restructuring of its large-scale debt.

Assisted suppliers with asset repossession from the bankrupt Transaero Airlines.

Significant clients Alfa Bank, Bank of Moscow, Credit Europe Bank, International Investment Bank, IKEA.

Notable practitioners

English-qualified lawyer Karen Young acts on debt restructuring and refinancing transactions. Clients speak of her in very positive terms, emphasising her promptness: "She is great at identifying the issue immediately and seeking a result," and further highlight that she is "tactical, attentive and knows how to find the right way."

Department profile by DLA Piper Rus Ltd

Department profile not yet provided by DLA Piper Rus Ltd. Please see their firm profile.

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Hogan Lovells (CIS) - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

What the team is known for Noted for acting on behalf of creditors on contentious matters, involving debt recovery as well as fraud investigations.

Notable practitioners

Alexei Dudko is a litigation lawyer who is active and recognised for his bankruptcy practice. One source describes him as "sharp, proactive and hands-on."

Department profile by Hogan Lovells (CIS)

Department profile not yet provided by Hogan Lovells (CIS). Please see their firm profile.

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KIAP - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- 1 partner
- 2 other qualified lawyers

What the team is known for Well regarded for its disputes capacity, including bankruptcy litigation. Acts for creditors and borrowers. Also engaged in consensual restructurings.

Strengths "I am sure they will perform in the best way possible. I have a really good track record of working with them."

"Client-oriented and flexible."

Work highlights Represented Gazprom Energoholding in relation to the bankruptcy of E4.

Significant clients Rockwool, Baltiyskiy Torgoviy Dom, TOPAZ Company, TCC Global, Postavcom.

Notable practitioners

Andrey Korelskiy and Ilya Dedkovskiy are key contacts for clients.

Department profile by KIAP

The practice represents the interests of lenders in relations with insolvency officers, represents client’s interests in arbitration courts, provides services in supporting the procedure of inclusion into the lenders’ registry, contesting illegal actions by insolvency officers and debtor’s invalid transactions. The practice is recommended by Chambers Europe international legal ranking, as well as by Russia's Pravo.Ru-300. Among its clients are biggest Russian and international holdings and organizations. 

Contact Name: Andrey Korelskiy, Managing partner 
Tel: +7 495 660 4909 Email:[email protected]

KIAP Bankruptcy practice provides comprehensive support of the following bankruptcy proceedings:

  • Representation of lenders in relations with insolvency officers
  • Representation in arbitration courts
  • Supporting the procedure of inclusion into the lenders’ registry
  • Contesting illegal actions by insolvency officers and debtor’s invalid transactions
  • Collecting debt liquidity information on debtors, their affiliates and parent companies
  • Representing insolvency officers, including arranging lenders meetings and lenders committee meetings, representing insolvency officers in court, liaison with self-regulated organizations of insolvency officers
  • Developing various debt restructuring formats, arranging amicable settlements during bankruptcy proceedings
  • Legal support of criminal investigation of bad faith debtors’ activities and representing lenders in criminal proceedings

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Yakovlev & Partners - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

What the team is known for Entering this year's rankings, this well-reputed domestic bankruptcy litigation practice represents creditors and debtors in complex cross-border matters, involving recovery of assets. Also acts for debtors in landmark restructurings. Often instructed by the state-owned Deposit Insurance Agency.

Work highlights Represents the state-owned Deposit Insurance Agency in relation to the bankruptcy of International Industrial Bank.

Notable practitioners

Maya Chudutova is recognised for her involvement in significant bankruptcy cases. "She is really good," a source confirms.

Department profile by Yakovlev & Partners

Department profile not yet provided by Yakovlev & Partners. Please see their firm profile.

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YUST Law Firm - Restructuring/Insolvency

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Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- 2 partners
- 6 other qualified lawyers

What the team is known for Joining the rankings this year in recognition of its presence and visibility. Particularly active in bankruptcy-related litigation, often representing the state-owned Deposit Insurance Agency. Acts for creditors and borrowers as well as individuals. Also involved in pre-bankruptcy proceedings offering assistance with claims against clients' debtors.

Strengths "They deliver good results in litigation."

Work highlights Represented the two largest creditors of Paveletskaya in relation to the company's bankruptcy proceedings.

Significant clients Sberbank, Rosatom, Amsterdam Trade Bank, Promstroyproekt, Slavianskie Apteki.

Notable practitioners

Alexander Bolomatov and Vasiliy Raudin are key contacts for clients.

Department profile by YUST Law Firm

Department profile not yet provided by YUST Law Firm. Please see their firm profile.

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BGP Litigation - Restructuring/Insolvency

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Band 5

第五等

Commentary from the Chambers Europe guide

Basic facts about the department
- 2 partners
- 20 other qualified lawyers

What the team is known for New to the rankings, acts on cross-border bankruptcy as well as domestic insolvency cases. Advises companies, banks and individual clients on restructuring deals and in insolvency proceedings.

Strengths "They were extremely helpful and provided easily understandable, concise and clearly written advice."

"They have good technical expertise, are commercial and client-oriented."

Notable practitioners

Practice head Alexander Vaneev is experienced in contentious cases advising clients on domestic bankruptcies as well as on the Russian law aspects of cross-border cases. "He is a technical lawyer who knows his stuff. He is always hands-on and involved in details," a source says. Another commentator adds: "Strategically, he has very convincing ideas and knows how to put matters into perspective."

Department profile by BGP Litigation

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Pepeliaev Group - Restructuring/Insolvency

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Band 5

第五等

Commentary from the Chambers Europe guide

Basic facts about the department
- 1 partner
- 5 other qualified lawyers

What the team is known for Joining the ranking this year, this well-reputed domestic team of litigation specialists is also active in bankruptcy matters. Advises on insolvency-related risks as well as pre-court debt restructuring. Benefits from its stellar tax practice.

Strengths "Looking for workable solutions, offering different alternatives."

Work highlights Represented Rietumu banka in a number of borrowers' bankruptcies.

Acted on behalf of Saton Holdings in relation to the bankruptcy of a supplier of pharmaceuticals.

Significant clients ALROSA, Hellenic Bank, Maersk, Nike, Oriflame.

Notable practitioners

Yulia Litovtseva is a key contact for clients.

Department profile by Pepeliaev Group

Pepeliaev Group safeguards the interests of everyone involved in insolvency proceedings. In addition to projects in Russia, we also provide legal support in cross-border proceedings, when a debtor and its assets (or creditors) are located in different jurisdictions. Having professional lawyers involved in the process is crucial, for there is almost no regulation of bankruptcy proceedings involving a foreign element at the national level. 

One of the key advantages of Pepeliaev Group is the ability to engage other practice groups of the firm to work on projects to solve complex business tasks and take into account the operational specifics of the client and its debtor counterparties. 

Key areas of the Practice's activity

  • Assessing a company’s compliance risks and issuing recommendations on how corporate procedures must be arranged in relation to bankruptcy legislation
  • Restructuring a business and bad debts
  • Providing legal support in transactions with assets of 'problem' companies
  • Representing clients in bankruptcy cases
  • Providing legal support in auctions to sell assets sold in bankruptcies
  • Representing clients in insolvency (bankruptcy) proceedings
  • Offering administrative and criminal law defence of business with regard to the requirements of insolvency legislation


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RCT LLC - Restructuring/Insolvency

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Band 5

第五等

Commentary from the Chambers Europe guide

Basic facts about the department
- 2 partners
- 46 other qualified lawyers

What the team is known for Represents creditors and insolvency administrators in insolvency and bankruptcy proceedings. Often acts for banks on mid-market debt recovery and bankruptcies.

Work highlights Acted for Blago as an investor who restarted the food production in a factory of the highly indebted Masloproduct Group.

Significant clients UniCredit Bank, Sberbank, UniCredit Leasing, Otkritie Bank.

Notable practitioners

Aleksander Panasenko and Sergey Rogachev are key contacts for clients.

Department profile by RCT LLC

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Yukov & Partners, LLP - Restructuring/Insolvency

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Band 5

第五等

Commentary from the Chambers Europe guide

What the team is known for Entering the rankings this year, the firm is noted in the sphere of bankruptcy litigation. Often instructed by the state-owned Deposit Insurance Agency in relation to liquidation and bankruptcy. Also active in asset recovery.

Work highlights Acted for the bankruptcy trustee of Uralsnabkomplekt in a secondary liability matter against the controlling person, including the enforcement proceedings.

Represented Mosteplosetstroi in connection to its bankruptcy.

Significant clients Endowment Insurance Agency, Logopark Biek Tau, Loral Space & Communication, NLMK, Rusal-Achinsk.

Notable practitioners

Andrey Yukov and Vyacheslav Uvachev are key contacts for clients.

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Overview

There was a rise in bankruptcy in Russia in 2016 and the trend is expected to continue in 2017. At the same time, bankruptcy-related legislation has been significantly amended over past years and there are new changes that will come into force shortly, that are very significant to foreign investors.

The main legal act regulating bankruptcy is Federal Law No. 127-FZ On Insolvency.

Bankruptcy in Russia is handled by state commercial courts that appoint an independent administrator. Currently, the bankruptcy procedure is a lengthy process. As a general rule, first the debtor undergoes the supervision procedure, which may last 5 to 6 months. In that time, the administrator analyses the debtor’s financial position to establish whether it may be restored to solvency. Its creditors submit their claims and the court takes a decision which insolvency-related procedure will be applied. One of the following procedures may be introduced: financial rehabilitation or external administration. Financial rehabilitation means that the debtor should settle its debt with creditors in accordance with the approved schedule. Externally managed restructuring aims to restore the debtor to solvency by restructuring its business. However, it must be noted that the use of financial rehabilitation is currently extremely rare in Russian bankruptcy. This is partly due to the fact that many bankruptcies are initiated too late into the insolvency and the debtors rarely have assets that could be used in a rehabilitation process.

Reform under way

The bankruptcy law reform was started in 2014 and a number of law amendments have been introduced that have significantly increased the guarantees to investors.

One such improvement is the increased transparency of a bankruptcy procedure by the publication of information concerning the status of a bankruptcy online, in the Unified Federal Register of Bankruptcy Information http://bankrot.fedresurs.ru/. The source includes information concerning principal events (such as procedures being implemented, time frames for creditors to raise claims or names of administrators being appointed by a court) as well as data relating to stocktaking, valuation, disposal of the debtor’s assets and any resolutions passed by creditors’ meetings.

Other law amendments seek to increase the use of the financial rehabilitation procedure to bring debtor companies back to solvency. The effort is also made to reduce the number of procedures applicable to companies in bankruptcy and cut the time required for its implementation.

Risks of the bankruptcy of individuals

In Russia, 2016 was marked by the growing number of the insolvencies filed by individuals, although it was possible to declare individual bankruptcy from 1st October 2015. This market trend is important to foreign investors as personal guarantees of company owners and managers are widely used in Russia. This includes large bank debt where personal guarantees are used as a security.

It should be noted that Russian bankruptcy legislation is favourable to creditors and the current and proposed amendments have substantially strengthened the creditors' legal position. Creditors now can challenge debtors' transactions that may be deemed as an attempt to sell off company assets or give a preference to certain creditors. On the other hand, investors should consider the risks that such challenges pose to their deals with Russian counterparties. In general, there is a three-year limit before the bankruptcy has been started on challenging such transactions. Most importantly, if a transaction of a Russian company in bankruptcy is to be challenged on the grounds and within procedures set out in the bankruptcy law, it will be Russian courts that will hear the case, irrespective of any arbitration clauses or applicable law agreement set out in the contract.

Investors who are creditors of Russian companies or founders of subsidiaries in Russia are also advised to pay special attention to the rules of secondary liability applicable to the parties in control of the debtor. In 2017, new provisions are to come into force which make it possible to impose secondary liability on the beneficial owners and members of governing bodies of Russian companies even after the relevant legal entity has been wound up (and the receivership proceedings have come to an end) as well as in cases when no bankruptcy has been initiated. Our experience shows that many CEOs of companies are unaware of such obligations and liability.

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Band 1

Victoria Bortkevicha

Clifford Chance

From the Chambers Europe guide

Managing partner Victoria Bortkevicha is recognised for her expertise in various types of financing, particularly in relation to energy and infrastructure projects. She recently assisted Erste Group Bank with Amurmetal's bankruptcy.

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Band 1

Linklaters CIS

From the Chambers Europe guide

Michael Bott is a top-tier financing lawyer active in large debt restructuring. A client says he is "quick to respond and practical in advice and approach." Another client highlights his strong negotiation skills.

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Band 2

Edward Bekeschenko

Baker McKenzie

From the Chambers Europe guide

Litigation practice head Edward Bekeschenko leads the contentious bankruptcy practice.

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Band 2

Grigory Marinichev

Morgan, Lewis & Bockius LLP

From the Chambers Europe guide

Banking specialist Grigory Marinichev has long-standing relationships with banks and also represents prominent borrowers. Clients say: "He always finds quick solutions to problems and thinks from the business point of view."

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Band 3

Hogan Lovells (CIS)

From the Chambers Europe guide

Alexei Dudko is a litigation lawyer who is active and recognised for his bankruptcy practice. One source describes him as "sharp, proactive and hands-on."

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Band 3

Egorov Puginsky Afanasiev & Partners

From the Chambers Europe guide

Valery Eremenko is recognised for his experience in disputes and bankruptcy cases. He has recently represented several financial institutions in high-stakes bankruptcy-related conflicts.

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Band 3

Allen & Overy

From the Chambers Europe guide

Stephen Matthews is a respected banking lawyer who is instructed on financial restructuring mandates. "He was brilliant in navigating conflicting interests and making sure people come together," a client says, adding: "He is very commercial and always focused on the success of the deal." Another client says: "He is very responsive, proactive, suggesting solutions rather than reacting to requests." 

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Band 3

Elena Tchoubykina

CMS

From the Chambers Europe guide

Elena Tchoubykina of CMS is a notable finance lawyer who is also active on restructuring cases.

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Band 3

DLA Piper Rus Ltd

From the Chambers Europe guide

English-qualified lawyer Karen Young acts on debt restructuring and refinancing transactions. Clients speak of her in very positive terms, emphasising her promptness: "She is great at identifying the issue immediately and seeking a result," and further highlight that she is "tactical, attentive and knows how to find the right way."

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Band 4

Herbert Smith Freehills

From the Chambers Europe guide

Artjom Buligin is a banking and finance specialist, closely co-operating with the dispute resolution team in cross-border enforcement cases. Clients say that "he is always keen to help and has great ideas."

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Band 4

Alexander Tsakoev

Norton Rose Fulbright

From the Chambers Europe guide

Alexander Tsakoev of Norton Rose Fulbright is a financing specialist who also assists with financially distressed situations. "He really helped the client, suggesting thoughts and went beyond the limits and scope of his work," a client says.

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Band 4

BGP Litigation

From the Chambers Europe guide

Practice head Alexander Vaneev is experienced in contentious cases advising clients on domestic bankruptcies as well as on the Russian law aspects of cross-border cases. "He is a technical lawyer who knows his stuff. He is always hands-on and involved in details," a source says. Another commentator adds: "Strategically, he has very convincing ideas and knows how to put matters into perspective."

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Band 4

Fedor Vyacheslavov

Vlawyers

From the Chambers Europe guide

Feodor Vyacheslavov of Vlawyers left ALRUD in April 2016 to establish his own firm. He is an experienced litigator who is also involved in bankruptcy litigation cases.

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Up and Coming

Yakovlev & Partners

From the Chambers Europe guide

Maya Chudutova is recognised for her involvement in significant bankruptcy cases. "She is really good," a source confirms.

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Up and Coming

Clifford Chance

From the Chambers Europe guide

Counsel Adam Fadian is actively involved in the firm's large-scale debt restructuring mandates. Clients describe him as "proactive and available round the clock" and "always providing quality advice."

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Up and Coming

Allen & Overy

From the Chambers Europe guide

Igor Gorchakov lends his strength in Russian finance law and is increasingly more involved in the contentious matters. One client says: "No matter how naive our questions, he was always very understanding and represented us very well."

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