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Russia Changes Bankruptcy Law to Protect Creditors

May 2009 - Finance. Legal Developments by Baker & McKenzie.

On 28 April 2009 Federal Law No. 73-FZ “On Amendment of Certain Legislative Acts of the Russian Federation” was adopted, which introduces amendments into the Russian bankruptcy legislation. In response to the growing number of bankruptcy cases and suspected instances of asset stripping prior to and during the bankruptcy process, the legislators have broadened the circumstances under which creditors in a bankruptcy can challenge transactions by the debtor or with respect to the debtor’s assets.

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Russia Changes Bankruptcy Law to Protect Creditors