Restructuring and insolvency—Russia—Q&A guide

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Restructuring and insolvency—Russia—Q&A guide
  • 1. What main legislation is applicable to insolvencies and reorganisations?
  • 2. What entities are excluded from customary insolvency or reorganisation proceedings and what legislation applies to them? What assets are excluded or exempt from claims of creditors?
  • 3. What procedures are followed in the insolvency of a government-owned enterprise? What remedies do creditors of insolvent public enterprises have?
  • 4. Has your country enacted legislation to deal with the financial difficulties of institutions that are considered ‘too big to fail’?
  • 5. What courts are involved? What are the rights of appeal from court orders? Does an appellant have an automatic right of appeal or must it obtain permission? Is there a requirement to post security to proceed with an appeal?
  • 6. What are the requirements for a debtor commencing a voluntary liquidation case and what are the effects?
  • 7. What are the requirements for a debtor commencing a voluntary reorganisation and what are the effects?
  • 8. How are creditors classified for purposes of a reorganisation plan and how is the plan approved? Can a reorganisation plan release non-debtor parties from liability and, if so, in what circumstances?
  • 9. What are the requirements for creditors placing a debtor into involuntary liquidation and what are the effects? Once the proceeding is opened, are there material differences to proceedings opened voluntarily?
  • More...

Restructuring and insolvency—Russia—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to restructuring and insolvency in Russia published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2021).

Authors: Freshfields Bruckhaus Deringer—Sergey Slichenko; Dinara Mustafina

1. What main legislation is applicable to insolvencies and reorganisations?

To understand the below analysis relating to restructuring and insolvency in Russia, it is necessary to comprehend the basic definitions and terms used in the relevant Russian legislation.


The terms 'insolvency' and 'bankruptcy' are synonymous in Russian law. These terms, when used here, will generally have the same meaning, namely, the inability of a debtor to satisfy, in full, the claims of its creditors recognised by a commercial court that may subsequently result in a debtor winding up or recovering its solvency (as described in more detail below).

Russian insolvency legislation provides for a 'balanced model' of bankruptcy proceedings aimed at equal treatment of creditors' and debtors' interests and usually provides for a wide range of bankruptcy procedures.

There are five procedures in respect of legal entities, namely:

  1. supervision – a procedure aimed at ensuring the preservation of a debtor's property, analysing the financial state of a debtor, drawing up a list of creditors and holding a first meeting of creditors;

  2. financial rehabilitation – a procedure aimed at restoring a debtor's solvency by means of repaying its debts

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