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UL. GASHEKA 7, BLD. 1, 123056 MOSCOW, RUSSIA
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Work +7 495 234 1875
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Web:
www.sirotapartners.com

Russia

Real estate and construction
Real estate and construction - ranked: tier 4

Sirota & Partners

Sirota & PartnersArtem Sirotaprovides practical legal solutions’ and ‘is capable of solving the most challenging problems’. Highlights included advising Deilmann-Haniel on various contentious issues arising from a mine shaft sinking project.

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Russia

Offices in Moscow

Legal Developments by:
Sirota & Partners

  • What businessmen should know about legislative changes with major and interested transactions?

    It is well known that before making significant managerial decisions, the general director must obtain approval from the shareholders or the board of directors. Apart from that, if a director is personally interested in entering into a transaction, approval is also required to proceed with the transaction. In the absence of such an approval, the transaction can be challenged and, in certain circumstances, invalidated. In order to minimize such risks and to eliminate legal uncertainty for the parties to the transaction, the rules governing major transactions and interested transactions must be sufficiently clear. Previously, however, the application of these rules was associated with a large number of controversial legal issues, which were finally solved as a result of the legislative amendments, which will enter into force on January 1, 2017. According to the new amendments, the distinction between major and non-major transactions has been delineated more clearly, parties have been allowed more flexibility in relation to approving transactions, the burdensome obligation to obtain prior approval of interested transactions has been abrogated, and finally the procedure for challenging transactions in question has been made much more complex. Overall, the changes should have a positive influence on business, as they contribute to the establishment of firm legal certainty in this area of the law. 
    - Sirota & Partners

Legal Developments in Russia

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