Restructuring and insolvency in Russia

ALRUD Law Firm

Equally well-versed in assisting both creditors and debtors, ALRUD Law Firm acts across the full gamut of restructuring and insolvency work, with particular emphasis on bankruptcy-related cases. In addition, the department assists the authorities in criminal investigations relating to fraudulent bankruptcy issues; litigator Magomed Gasanov (‘resourceful, professional, eloquent and experienced in court hearings’) is a key contact in this space. The team has a strong record of work for prestigious clients in the automotive, financial services and retail sectors. Practice head Sergey Petrachkov ‘does not spare his time and energy in pursuing solutions to clients’ problems’, while senior associate Boris Ostroukhov is also singled out by clients for his debt collection work.

Practice head(s):

Sergey Petrachkov

Other key lawyers:

Magomed Gasanov; Anton Dzhuplin; Alexander Rymko; Vassily Rudomino; Boris Ostroukhov


‘Magomed Gasanov is resourceful, professional, eloquent and experienced in court hearings.’

We have worked with Boris Ostroukhov for a number of years on various debt collection and insolvency procedures. He is very quick to respond and able to pinpoint the main issues and a solid advisor within the field. He can also call on other associates who provide similar services.’

‘Efficiency, responsibility and not a standard approach to solving tasks.’

‘Sergey Petrachkov is an honest, purposeful and professional person who does not spare his time and energy in pursuing solutions to clients’ problems.’

Key clients

General Motors Uzbekistan JSC (Uzbekistan)

Sklostroj Turnov CZ s.r.o.

Sib Trading AG

DIRS Drilling Instruments Rental & Supply N.V.

PAO “VympelKom”


UnisonHKR Co.

Zoomlion Capital Rus

Work highlights

  • Represented the third largest bank in Russia in a restructuring, M&A and bankruptcy project related to a strategically important infrastructure project in the Russian Far East.
  • Successfully represented a multinational trade company from South Korea in bankruptcy proceedings against a Russian distributor.
  • Advised and successfully represented a large motor vehicles manufacturer as the creditor in a number of its Russian regional dealers’ interrelated bankruptcy cases, with the total amount of claims exceeding $250m.

Egorov Puginsky Afanasiev & Partners

The sizeable department at Egorov Puginsky Afanasiev & Partners has ‘the experience and talent to add invaluable assistance to any dispute’ and stands out for ‘its great judgement, efficiency in court, and its unprecedented victories’. Indeed, the team’s primary strength lies in the area of insolvency litigation – this is also reflected in the expertise of litigation practice head Valery Eremenko, who ‘can lead any difficult case to a successful result’. The department acts for a mix of private clients, as well as large companies active in the banking, transportation, pharmaceuticals and manufacturing sectors, among others. Counsel Evgeny Gurchenko leads the St. Petersburg-based litigation group and is recommended by clients as ‘a true professional; a smart and far-sighted strategist’. Denis Arkhipov and recently promoted partner Vera Rikhterman are also key team members.

Practice head(s):

Valery Eremenko

Other key lawyers:

Denis Arkhipov; Evgeny Gurchenko; Denis Arkhipov; Vera Rikhterman


‘High-quality feedback; professionalism; immersion in the client’s problems, teamwork.’

‘EPAM stands head and shoulders above any other Russian firm for international disputes. They have the experience and talent to add invaluable assistance to any dispute.’

‘EPAM is known as a major player on the Russian legal market in any kind of dispute resolution. Bankruptcy and restructuring issues requiring dispute resolution are not an exception either. Over the years, EPAM has gained reputation in bankruptcy matters. Clients turn to EPAM because they are confident that they will receive high-quality services, the lawyers will devote enough time and full attention to each client, and propose several ways of resolving the matter.’

‘This is a go-to practice for resolving the most complicated and precedent-setting bankruptcy disputes. A reliable and highly qualified team with deep expertise, high success rate and flawless service.’

‘We work with Evgeny Gurchenko and his team. They are a very reliable team that can win the most difficult bankruptcy dispute in a short time. I would like to mention their oratorical skills, fundamental knowledge of the law, resourcefulness and ingenuity. Evgeny has established himself as a true professional, smart and far-sighted strategist.’

‘The team is distinguished by its great judgement, efficiency in court, and its unprecedented victories. Extraordinarily persuasive and smart, Evgeny Gurchenko is also a great dealmaker.’

‘Vera Rikhterman is a brilliant lawyer who can find a solution to any non-standard situation. We value her work in bankruptcy and litigation cases, as such cases demand professionalism and total commitment to the client.’

Key clients



Work highlights

  • Representing Morsvyazsputnik, the only legal operator of Inmarsat satellite communications services in the Russian Federation, in the bankruptcy case of Glonass North-West LLC.
  • Representing a well-known mass media financial expert in a series of disputes.
  • Representing the interests of a group of creditors in the bankruptcy proceedings against the largest brokerage company in the North-West of Russia, seeking to bring its owner to subsidiary liability.

Monastyrsky, Zyuba, Stepanov & Partners

Litigation powerhouse Monastyrsky, Zyuba, Stepanov & Partners is at the forefront of bankruptcy-related cases in the Moscow market. Anton Aleksandrov and Dmitry Mukhomorov share leadership of the practice. Peers cite the litigation experience of name partner Yuri Monastyrsky; his recent work in the banking sector stands out. Kirill Udovichenko is a key contact for cross-border enforcement matters.

Practice head(s):

Anton Aleksandrov; Dmitry Mukhomorov

Other key lawyers:

Yuri Monastyrsky; Kirill Udovichenko

Key clients




Khalyk Bank

O1 Group

Baker & McKenzie - CIS, Limited

Clients prize Baker & McKenzie - CIS, Limited’s ‘brilliant understanding of client needs’ in bankruptcy procedure and litigation, with its key litigators divided between Moscow and St. Petersburg. In particular, the team’s workload serves as a testament to its expertise in relation to claw-back claims put forward in the course of bankruptcy proceedings. Alongside his litigation expertise, department head and recently promoted partner Pavel Novikov has accrued significant experience in domestic and cross-border asset tracing; in this space, he is ably assisted by associate Andrey Bogdanov. Notably, Novikov is the only Russian fellow affiliated with Insol International – the international association of restructuring, insolvency and bankruptcy practitioners.

Practice head(s):

Pavel Novikov

Other key lawyers:

Andrey Bogdanov; Edward Bekeschenko


‘The team consists of specialists from various fields of law. When providing services, they deliver a high-quality result to the client.’

‘The strong point of these lawyers is their participation in litigation without losing of professionalism and business ethics, even when the other party adopts a more aggressive strategy.’

‘The team is really balanced and professional. Pavel Novikov is extremely caring and diligent.’

‘Deep involvement into the client’s matters, almost personal engagement; clarity, accessible language.’

‘Pavel Novikov and Andrey Bogdanov are great fellows, completely satisfied with their support during bankruptcy procedures.’

Key clients

Henkel Rus

Novo Nordisk


Codest Engineering S.R.L.


Kabosh Group

Work highlights

  • Represented Henkel Rus in a claw-back case concerning the bankruptcy of a former distributor.
  • Acting for Gomanold on asset recovery matters relating to a foreign bank in liquidation.
  • Representing Bitzer in a bankruptcy case of a Russian contractor.

Bryan Cave Leighton Paisner (Russia) LLP

The restructuring and insolvency team at Bryan Cave Leighton Paisner (Russia) LLP benefits from access to the wider firm’s global network, which serves as a testament to its ability to handle substantial cross-practice restructuring work and contentious insolvency issues. The practice is noted for its use of multiple document automation systems and its cooperation with the in-house forensic technology team; in complex transactions, clients also benefit from BCLP Cubed, a tool allowing them to manage work streams and associated risks. Dispute resolution expert Ivan Veselov is a key contact, among others.

Other key lawyers:

Ivan Veselov; Elena Trusova; Oleg Khokhlov; Anton Sitnikov; Anton Panchenkov


‘A very detailed and comprehensive approach to the task at hand; providing information in a full and timely manner; strict adherence to all deadlines.’

‘Ivan Veselov is constantly in touch, even after working hours; he is always attentive to details, offers non-standard solutions and knows how to clearly explain his position.’

‘Bryan Cave Leighton Paisner LLP has adopted a variety of programs to insure that their clients get the most consistent and best possible service experience they can.’

‘BCLP’s lawyers are distinguished by a high level of professionalism, client focus and communication skills.’

‘Professionalism, openness, client orientation, extraordinary thinking.’

‘Ivan Veselov is not only a great professional, but also a person with whom it is always pleasant to communicate and exchange opinions.’

Key clients

Samsung C&T Corporation

PAO Mechel Group

Teva Pharmaceutical Industries

Great Wall Motors (China)

Coral Energy PTE

Work highlights

  • Advising Mechel Group on the restructuring of its indebtedness before VTB and Gazprombank.
  • Acting for Great Wall Motors (China) in bankruptcy proceedings of a liquidated debtor.
  • Acting for Teva Pharmaceutical Industries in the bankruptcy proceedings of its debtor, a large pharmaceutical company.

Ivanyan and Partners

Split between Moscow and St. Petersburg, Ivanyan and Partners’ insolvency group brings together the expertise of domestic dispute resolution and international commercial litigation practitioners. The team has extensive experience in debt recovery matters, including cross-border asset tracing mandates. Another particular strength lies in developing defence strategies in bankruptcy cases; the group traditionally acts for both creditors and debtors. St. Petersburg-based Alexey Kozyakov is a key contact.

Other key lawyers:

Sergey Chuprygin; Alexey Kozyakov; Vasily Torkanovskiy; Khristofor Ivanyan; Andrey Gorlenko; Baiju Vasani


‘Deep analysis, systematic approach to problem solving, ability to adapt to changes.’

‘Client focus; deep understanding of business processes and business goals behind a transaction, and not just the legal aspects; an ability to offer several solutions to issues, indicating the significant risks and benefits of each option. Alexey Koziakov can be particularly recommended.’

‘A very strong and experienced bankruptcy team – in our opinion, one of the strongest on the market. They are well versed in the specifics of current judicial practice and procedural legislation.’

‘Most of all, we work with Alexey Kozyakov and his team: Elena Gaboyan, Tatyana Bravicheva, Anton Egorov. They are real professionals; they respond promptly to requests; they know how to quickly and clearly formulate a coherent defense strategy; they prepare for meetings on time; finally, they often win in the courts.’

Key clients



Ilim Group

BTK Group

Russian Fishery Company

HC Spartak Moscow

Crudex Energy International

Work highlights

  • Representing Russia’s biggest steel company Severstal in a ₽20bn case concerning debtor insolvency.
  • Representing Baledge, as an unsecured lender, in ₽44bn bankruptcy proceedings against Russia’s largest shoe retailer CentrObuv.
  • Acting for StroyGazConsulting on the restructuring of the group’s ₽25bn debt to a large Russian bank creditor.


Linklaters is well versed in multi-jurisdictional debt collection and contentious insolvency work. Dispute resolution specialist Vladimir Melnikov leads the practice, which acts for both state-owned and privately held banks and companies.

Practice head(s):

Vladimir Melnikov

Pepeliaev Group

Delivering services which are ‘excellent in terms of quality and professionalism’, Pepeliaev Group prides itself on prevailing in the majority of the insolvency cases it handles in court. This litigation strength is mirrored in the expertise of practice head Yulia Litovtseva, a former bankruptcy judge in a regional commercial court, who is ‘very attentive to the interests of the client’. Senior associate Leonid Barkov is particularly well-versed in acting on the side of Russian and foreign corporate defendants.

Practice head(s):

Yulia Litovtseva

Other key lawyers:

Leonid Barkov


‘Yulia Litovtseva is a highly qualified specialist, who knows to support the client and search for a way out of difficult situations. She is very attentive to the interests of the client; open-minded to all issuesl as a head of the team, she contributes a lot to create a positive, efficient working atmosphere. Yulia possesses great human and professional qualities.’

‘Competent lawyers with high analytical skills and experience in many aspects of the profession. They are highly qualified specialists who professionally evaluate legal risks and have the ability to find the right solution in difficult situations. They have rapid response and efficiency in the preparation of documents. The priority of the team is always the successful solution of customer problems.’

‘Professionalism, high quality of products, excellent service, accessibility and quick response times are the main advantages of the firm. Highly recommended for those wishing legal assistance from a reputable reliable professional partner in the Russian Federation.’

‘Yulia Litovtseva has deep knowledge and extensive experience in Russian bankruptcy law; she was accessible 24/7. The work conducted by the team, which involved also court work, was excellent in terms of quality and professionalism. The advice on legal matters was always very focused and accurate. Response time was unbelievable, despite the voluminous documentation that had to be examined and the fact that most documentation involved translation into Russian. The best experience was the sense of security and confidence in relying on a professional in a completely unknown jurisdiction.’

Key clients

SK Most Group

Campan Agro

Cyprus Development Bank


Rietumu Banka

Rolf LLC

Ronin Trust

Stevedores Yamal

Universal Leasing Company JSC

Uhrenholt A/S

River Site LLC

Allen & Overy Legal Services

Allen & Overy Legal Services is noted for its capacity to handle restructuring matters for both debtor and creditor clients, with an unsurpassed strength in the banking sector. The team relies upon the wider firm’s global resources for cross-border transactions; recent work has involved close cooperation with the firm's offices in places such as London and Warsaw. Igor Gorchakov and Ilya Dvorkin share leadership of the practice with Oleg Khomenko, who splits time between Moscow and London. Counsel Sergey Blinov is also a key team member.

Practice head(s):

Igor Gorchakov; Ilya Dvorkin; Oleg Khomenko

Other key lawyers:

Sergey Blinov

Key clients

HSH Nordbank AG

UniCredit Bank AG

ING Bank



Morgan Stanley Bank International

Work highlights

  • Advising VTB Leasing on the restructuring and payment deferral under aircraft lease agreements with the Aeroflot Group in respect of 67 aircraft in light of Covid-19.
  • Represented mBank S.A. and Export Credit Insurance Corporation JSC in the bankruptcy proceedings of Rodnikovskaya Energy Company, CJSC.
  • Advising KCA Deutag on a three-month standstill agreement to work with its stakeholders.

BGP Litigation

BGP Litigation’s ‘truly unique team of high-class specialists’ has extensive experience representing private individuals, domestic companies, and Russian subsidiaries of international companies in bankruptcy-related proceedings. Of particular note, the team has deep expertise in subsidiary liability issues, debt restructuring and debt recovery matters. Dmitry Bazarov, Sergey Lisin and Alexander Vaneev jointly head up the practice.

Practice head(s):

Dmitry Bazarov; Sergey Lisin; Alexander Vaneev

Other key lawyers:

Anton Pomazan


‘BGP has a truly unique team of high-class specialists in Russian law that are extremely responsive, reliable and a pleasure to deal with.’

‘This is not the first time that we have worked together with BGP Litigation and Dmitry Bazarov’s team. We turn to the firm in complex disputes, primarily due to the combination of the expertise of lawyers in bankruptcy and dispute resolution, the size of the team and the willingness to work with complex projects in an extremely tight timeframe. For us, as a large holding company with subsidiaries throughout Russia, the team’s ability to handle several complex mandates in parallel, across different regions of the country, are extremely important.’

‘I am pleased with the cooperation with BGP Litigation and Dmitry Bazarov personally. Dmitry is professional, his experience and expertise allow him to build a business strategy several steps forward, anticipating the possible actions of the opponent. Dmitry thinks strategically, promptly immerses himself in the project, while his decisions go beyond standard legal advice. I would also like to note the high level of Dmitry’s involvement in the project. I can also note the work of Anton Pomazan, a senior lawyer of the firm; Anton stands out for his knowledge, experience and willingness to promptly provide us with the necessary legal advice.’

Key clients

Lukoil-Komi LLC

PJSC Gazprom Neft

PJSC Baltinvestbank

Ilya Naumovich Gavrilov

Zemsky Bank LLC

Kubansky Soyeviy Kontsentrat LLC

Toyota Motor Rus LLC

Work highlights

  • Represented Lukoil-Komi LLC, a respondent in three separate disputes seeking the invalidation of transactions in the bankruptcy of a large construction company.
  • Represented PJSC Gazprom Neft, a creditor in the bankruptcy of customs broker Servis-Terminal LLC.
  • Defending PJSC Baltinvestbank against multiple claims filed by offshore companies seeking to recover payments under bank guarantees from the client.

Clifford Chance

The recent work of Clifford Chance’s cross-practice group showcases its impressive ability to handle complex debt restructuring matters in the banking sector; managing partner Victoria Bortkevicha is a key contact in this space. Insolvency litigation is also an area of focus. In addition, the group’s work stands out in the area of restructuring transactions necessitated by merger control issues. Bortkevicha, Aitkulov and finance expert Vladimir Barbolin jointly lead the department.

Practice head(s):

Victoria Bortkevicha; Vladimir Barbolin

Key clients



Work highlights

  • Advising Sberbank on ongoing issues relating to UTair’s large debt restructuring.
  • Advising Pfizer on the pre-completion restructuring preceding the merger of the client’s off‐patent branded drugs and corresponding generics businesses with Mylan.


Dentons' cross-practice department maintains a well-established market position due to its traditional strength in loan and export trade debt restructuring. The team has recently expanded the scope of its indebtedness restructuring work beyond the CIS region, handling work concerning jurisdictions as far afield as Central America. Adjusting to the market’s Covid-19-related needs, the department has been focusing on regulatory advice relating to the government’s newly introduced legislative changes. Andrei Strijak leads the practice, where the New York-qualified Timothy Stubbs, litigation department head Roman Zaitsev are also key figures.

Practice head(s):

Andrei Strijak

Other key lawyers:

Timothy Stubbs; Roman Zaitsev; Maria Mikheyenkova


‘The lawyers have experience in restructuring and bankruptcy transactions in different countries and are admitted to legal practice in different jurisdictions.’

‘Tim Stubbs is a very experienced restructuring and insolvency lawyer and knows the specifics of Russian bankruptcy law.’

‘Excellent understanding of business, which is necessary for excellent legal advice. Great experience in restructuring and bad loan work-out negotiations with both other lenders and ailing borrowers. All this has led to superior outcomes for us.’

‘Good, professional and responsive team.’

Key clients


Work highlights

  • Successfully represented Valeo in a number of interrelated cases brought by a receiver claiming rights to the client’s property, previously owned by a debtor.

FBK Legal

With a team spread across Moscow and St. Petersburg, FBK Legal specialises in corporate restructuring, debt enforcement and insolvency litigation. Of recent note, the team is acting on a larger volume of creditor- and debtor-side mandates regarding the subsidiary liability of controlling parties triggered by corporate bankruptcy. Alexander Ermolenko, Nina Boer and Elena Bokareva jointly lead the practice, which attracts praise by clients for its ability to 'offer comprehensive solutions very quickly'.

Practice head(s):

Alexander Ermolenko; Nina Boer; Elena Bokareva


‘FBK’s team comprehensively sees the problem and can offer comprehensive solutions very quickly.’

‘FBK specialists are always in contact, they are reliable partners and qualified specialists. Many thanks can be expressed to Elena Bokareva.’

Key clients

Yamaha Motor CIS

Sberbank Group



NGK Spark Plugs





Work highlights

  • Acting for Kozhukhovskaya-Invest, the owner of a $150m department store, on the implementation of a comprehensive debt restructuring.
  • Assisted online airline ticket sales agency Sindbad with its bankruptcy procedures.
  • Representing investment company A-Property in a number of cases regarding $200m debt recovery from a fuel-and-energy company and related bankruptcy proceedings.

Herbert Smith Freehills

Herbert Smith Freehills’ restructuring and insolvency practice combines the expertise of specialists in banking and finance, dispute resolution, corporate and tax law; some team members have additional qualifications in the UK and the US. Corporate and indebtedness restructuring lie at the core of the team’s non-contentious work. In the contentious arena, the team is noted for its cross-border debt recovery work forming part of the enforcement process of arbitral awards. Key team members include Artjom Buligin, Dmitry Gubarev, Alexei Panich and Evgeny Zelensky.

Other key lawyers:

Artjom Buligin; Dmitry Gubarev; Alexei Panich; Evgeny Zelensky; Ivan Teselkin


‘They remain focused on the target of the client, always ready to offer solutions for difficult or complex issues.’

‘Evgeny Zelensky is a sophisticated partner with wide industry knowledge within the areas of his practice.’

Key clients

Sberbank of Russia

AO Raiffeisen Bank

Royal Bank of Scotland


Onexim Group

VTB Bank

ING Bank

ABN Amro

Raven Russia

Work highlights

  • Assisting a syndicate of European banks with RBS as agent in a bankruptcy dispute with one of the world’s largest group of agricultural companies operating in Russia and Kazakhstan.

KIAP (Korelskiy, Ischuk, Astafiev and Partners, Attorneys at Law

The bankruptcy department at KIAP (Korelskiy, Ischuk, Astafiev and Partners, Attorneys at Law provides ‘excellent advice focusing on the best business interests of the client’. It is consistently engaged on contentious insolvency-related matters by both domestic and international companies; its recent workload has included an increase of instructions relating to pre-bankruptcy transactions. Recently promoted practice head Ilya Dedkovskiy has accrued extensive experience handling disputes involving subsidiary liability issues relating to corporate indebtedness. Associate Sergey Ilin works closely with Dedovskiy and is also noted.

Practice head(s):

Ilya Dedkovskiy

Other key lawyers:

Sergey Ilin


‘Highly qualified, reliable, friendly and always available. Very fast response to client requests. The team provides excellent advice focusing on the best interests of the client.’

‘KIAP’s insolvency team is very strong in the Russian market in disputes involving bringing the company’s management to subsidiary liability, as well as in cases challenging a company’s pre-bankruptcy transactions. In addition, KIAP’s lawyers have significant experience in tracing debtor’s assets both in Russia and abroad. There are no hopeless situations for the KIAP team – they are always ready to fight for their client to the end, finding non-standard solutions and arguments.’

‘Ilya Dedkovsky is distinguished by an excellent knowledge of the psychology of judges, which allows him to find an approach to any judge and predict the future course of the trial. He always finds non-standard arguments in favor of his client and knows how to explain complex things in a simple, non-legal language. Ilya is always calm and balanced in court sessions, does not yield to provocations.’

‘Sergey Ilyin is a real rising star in the legal market. He has significant experience in litigation, both in bankruptcy cases and in other categories of cases. Sergey has attention to detail and an ability to convince judges.’

Key clients

Codest Engineering S.r.l.

Rizzani de Eccher


Novartis Group


Yokogawa Electric Corporation

Work highlights

  • Representing Novartis Group in relation to the bankruptcy procedure of a beneficiary of a pharmaceuticals supplier.
  • Representing Codest Engineering in relation to the bankruptcy of one of the largest construction companies in Moscow.
  • Representing a Cypriot investment company in multiple disputes regarding challenging transactions valued at over $1bn.


Dispute resolution boutique KK&P TRIAL LAWYERS is praised for housing a team of ‘excellent litigators', and the firm's insolvency litigation work for creditors and lenders often involves a cross-border element. Notably, the group is increasingly focusing its efforts on improving its customer relationship management systems. Practice head Nikolay Pokryshkin has ‘impeccable knowledge of insolvency law and judicial practice’ and is regularly assisted by senior associate Artem Antonov.

Practice head(s):

Nikolay Pokryshkin

Other key lawyers:

Maxim Kulkov; Oleg Kolotilov; Artem Antonov


‘Excellent litigators, great at resolving cases in Russian courts.’

‘It is a pleasure to work with the whole team. I would especially like to mention Nikolay Pokryshkin.’

‘KK&P Trial Lawyers’ team is unique in its ability to combine the highest quality of its work with client service. For a year of work on the project, we did not have a single hitch on organizational issues, not a single agreed condition (in terms of time, results and cost of services) was violated, which allowed us to feel that the fate of our project was in good hands and we can rely on KK&P Trial Lawyers for any matter. At the same time, such approach to client service was achieved without compromising the quality of the legal work itself – regardless of who of the team participated in a particular process within the project, we always received the highest quality of legal support and immersion in the project.’

‘The project on which I had a chance to work with KK&P Trial Lawyers’ team was led by partner Nikolay Pokryshkin. Having extensive experience working with outstanding lawyers in many confident companies in the market, I can say that an impeccable knowledge of laws and court practice is what a client reasonably expects when turning to law firms of this level. Undoubtedly, by providing legal support for our project, Nikolay confirmed these expectations, but more importantly, he was able to surpass them, showing those qualities that we often lacked in working with other firms – namely, the level of immersion in the client’s problem. Even before we had questions about further steps and possible arguments of our opponents, Nikolay had already prepared answers to them.’

‘KK&P Lawyers is a boutique dispute resolution firm – and one of the leading (if not the leading) firm of this kind in Russia. Its partners and associates are first-class dispute lawyers. They have extensive knowledge and experience of handling commercial contracts, banking, fraud, insolvency and asset tracing disputes.’

‘Nikolay Pokryshkin has impeccable knowledge of insolvency law and judicial practice.’

Key clients



Sonact Group




Work highlights

  • Representing the creditors in the insolvency case of a large oil refinery in the Samara Region (Samaratransneft-Terminal).
  • Representing Raiffeisenbank during all stages of the bankruptcy of a debtor owing over $53m secured by the mortgage of one of the largest shopping malls in Russia.
  • Representing RBC, formerly a shareholder in the debtor, in four sets of proceedings, including a dispute concerning the client’s subsidiary liability for the alleged transfer of the debtor’s business to another subsidiary of the client, as well as a dispute concerning the invalidity of the debtor’s payments to a UK company.

LP Law Firm

LP Law Firm excels in insolvency proceedings, where it acts for creditors, debtors and bankruptcy offers. The team has been increasingly focusing on disputes aiming at the recovery of debt from companies’ managers. Dmitriy Chepurenko heads up the practice, which garners praise from clients for its ‘professionalism’ and ‘extraordinary thinking’. Senior associate Alexander Dondokov acts for clients of the calibre of Sberbank and Rusnano. Alexandra Fasakhova and Vladislav Ganzhala departed in the spring of 2020.

Practice head(s):

Dmitry Chepurenko

Other key lawyers:

Alexey Kostovarov; Kirill Korshunov; Alexander Dondokov

Key clients

Kirovsky Zavod

AS Reverta



Work highlights

  • Provided litigation support to Rusnano as a defendant in multiple sets of bankruptcy proceedings.
  • Advising AS Reverta on the inclusion of its claims in the register of creditors’ claims.
  • Assisted AS Reverta with the sale of a pledged property and advised in relation to liability issues arising in the criminal case filed against the beneficiary of Nastyusha, Igor Pinkevich.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP is adept at handling restructuring transactions and bankruptcy-related claims for clients from Russia, CIS countries and Central Asia. The team works closely with its London and New York colleagues on cross-border contentious issues, such as debt repayment disputes. Large banks and investors rely upon the expertise of practice head Grigory Marinichev for restructuring work.

Practice head(s):

Grigory Marinichev

Other key lawyers:

Alexey Chertov


‘An international law firm with a perfect understanding of the local Russian requirements.’

‘Grigory Marinichev is the partner to look for’

‘Morgan Lewis Moscow’s restructuring and insolvency team are our first choice for any Russian and cross-border insolvency proceedings and major restructurings. The have extensive experience and are well-equipped to ensure smooth and successful completion of the most complicated cross-border proceedings. They are quick, professional and reliable partners.’

‘Alexey Chertov is once of the most experienced insolvency experts in Russia who delivers thoughtful and strategic advice within tight time frame. Alexey is smart, proactive and committed.’

‘Grigory Marinichev leads the team. Grigory is a recognised star on the R&I market. He is creative, efficient, and also a great negotiator.’

Key clients

VTB Bank (Europe) SE

Amsterdam Trade Bank (ATB) NV

LLC ATB-Leasing

Sberbank (Switzerland) AG

Ben Oldman Special Situation Fund

Barclays plc


HETA Luftfahrzeuge Leasing GmbH

Sberbank Europe AG

East-West United Bank

BB Energy (Gulf) DMCC

Vitol S.A.

Traxys Europe SA

Work highlights

  • Representing a syndicate of international banks, including VTB Bank (Europe), in multimillion-dollar claims in insolvency proceedings with respect to entities of Russian metallurgical group “Red October”.
  • Representing East-West United Bank in connection with cross-border insolvency proceedings in Russia, Cayman Islands and Switzerland.
  • Assisted global metals trader Traxys Europe SA, located in Luxembourg, with the restructuring of indebtedness and a foreclosure of a pledge against the shares of Maly Khingan Resources LLC.

Eversheds Sutherland

Eversheds Sutherland is adept at representing both creditors and debtors, among other interested parties, in bankruptcy proceedings; Moscow office managing partner Yury Pugach and Oxana Peters are both names to note in this regard. The team’s insolvency strength across the board is reflected in the praise garnered from clients: ‘they are all very strong and professional, from partners to associates’.

Practice head(s):

Yury Pugach; Oxana Peters

Other key lawyers:

Olga Chirkova


‘The practice offers a full service across restructuring and insolvency. They are all very strong and professional, from partners to associates.’

‘A qualified team which provides quick, detailed responses and variety of solutions. The team always goes above and beyond for clients.’

‘The team demonstrates in-depth expertise within bankruptcy proceedings. They provide a high-quality service and are experienced handling disputes.’

‘The team provides excellent service, they get things done and are very technically strong. Can say for sure that they are very client-oriented in their approach, I highly recommend this firm.’

‘Olga Chirkova is extremely smart and talented. She has vast experience in dealing with debt restructuring and other bankruptcy proceedings. In addition to her professionalism, Olga is a very nice person and it is always a pleasure to work with her.’

Key clients

Cherkizovo Group

Bronto Skylift

International Air Transport Association

Work highlights

  • Represented the Cherkizovo Group in proceedings relating to the bankruptcy of Belaya Ptitsa LLC.
  • Represented Bronto Skylift, a Finnish machinery manufacturer and supplier, in a bankruptcy case brought against its customer USPTK.
  • Represented a German film producer in the Ninth Commercial Court of Appeal in bankruptcy proceedings brought against Company Distribution LLC.

Ilyashev & Partners

Ilyashev & Partners’ team utilises its ‘excellent expertise’ in insolvency litigation, acting for both creditors and debtors. Led by recently promoted counsel Dmitry Konstantinov, the department prides itself on its representation of Ukrainian clients in Russia; in this regard, it benefits from the firm’s strong presence in Ukraine. Alongside its litigation strength, the practice is increasingly being instructed on restructuring matters, securing multiple successes in relation to the settlement of debt obligations.

Practice head(s):

Dmitry Konstantinov

Other key lawyers:

Vladimir Zakharov


‘Excellent expertise.’

Key clients

BTA Bank


Alfa Bank (Ukraine)

Zhejiang YAT Electrical Appliance Co.


Port of Vitino

SE Antonov


Erba Lachema

Work highlights

  • Representing leading Russian bank Alfa-Bank in a dispute with Mr. Kirill Podolsky in a personal bankruptcy case.
  • Representing BTA Bank in relation to the insolvency of 10 developers-owners of 3000 hectares of land in the Moscow region.
  • Advising White Sea Oil Depot on a debt restructuring plan relating to the group of companies of port Vitino.

Khrenov & Partners

Khrenov & Partners’ insolvency work encompasses debt recovery and contentious insolvency issues for a client roster consisting of large domestic companies and private individuals. Name partner Alexander Khrenov and Evgeny Kolpakov share leadership of the ‘highly competent’ practice, which is particularly prominent in the financial services, energy, construction and agriculture sectors. Clients recommend Anna Burdina, while Dmitry Lobachev is another key contact.

Practice head(s):

Alexander Khrenov; Evgeny Kolpakov

Other key lawyers:

Anna Burdina; Dmitry Lobachev


‘The team is highly competent, very mobile, thoughtful, with a personal approach.’

‘Anna Burdina has the deepest knowledge of bankruptcy and litigation, great experience, and attention to detail.’

Each team member is ready to respond if necessary at any time of the day. Use of all available opportunities, both procedural and substantive. Well-coordinated teamwork.

‘The team combines extensive experience, deep knowledge of the current legislation and high professionalism, which allows it to effectively act in difficult litigation.’

‘The team’s specialists have a subtle understanding of the client’s problems, show strategic thinking and focus on finding optimal solutions.’

Key clients

JSC Gazpromneft-Omsk Refinery

JSC Mosgorsvet

OJSC Enex / JSC GazpromBank

LLC Losa

LLC Reap

Work highlights

  • Represented JSC Gazpromneft-Omsk Refinery as one of the creditors in the bankruptcy case of JSC Penza Chemical Engineering Plant.
  • Successfully represented JSC Mosgorsvet in a dispute with the insolvency manager of Neftyanoy Alliance Bank.
  • Assisted LLC Reap with the procedural succession from JSC Reverta to the client within the settlement agreement regarding the insolvency case of Brickworks Braer.

Kovalev, Tugushi & Partners

Kovalev, Tugushi & Partners enjoys particular prominence in the bankruptcy litigation space; foreign and domestic clients praise the team’s ‘extensive experience’, ‘impeccable knowledge of the law’ and ‘efficient defence of the interests of lenders’. Managing partner Sergey Kovalev and name partner Dmitry Tugushi share leadership of the practice with Sergey Kislov.

Practice head(s):

Dmitry Tugushi; Sergey Kovalev; Sergey Kislov

Other key lawyers:

Ivan Korshunov


‘The lawyers are engaged in a huge variety of disputes, including bankruptcy. I am always confident that only they are able to turn a very difficult situation in the right direction for us. Their strengths are: impeccable knowledge of the law, extensive experience and effective project management.’

‘Sergey Kislov is a great professional, he knows how to cope with an emergency situation, concentrates on the main issues at hand.’

‘The firm’s uniqueness lies primarily in the strong composition of the team, which has been working together for over 15 years. Lawyers complement each other well and they know the law inside out. They have had many outstanding victories in well-known cases.’

‘Sergey Kovalev and Dmitry Tugushi are real leaders in the bankruptcy industry. They are super-experienced in both law and management, which is why they have managed to assemble one of the strongest litigation teams on the market. Lawyers are distinguished by their self-discipline in the process, they are always prepared for any emergency situations and, most importantly, they are highly efficient. Possessing a strong character and endurance, they are able to win where others cannot.’

‘The team provides efficient defence of the interests of lenders. The firm’s partners Sergey Kovalev, Dmitry Tugushi, Sergey Kislov are all renowned professionals in the field of restructuring and insolvency.’

‘Sergey Kovalev stands out for his systematic approach to complex bankruptcy procedures, the ability to build teamwork for the purposes of the client. Dmitry Tugushi is ready to work day and night for the sake of the client.’

Key clients

Dmitry Ananyev

Receiver of the PSN PM

Ipsen LLC

Tetra Pak

JSC Astellas Pharma

LLC Atradius Rus Credit Insurance

Work highlights

  • Assisted Dmitry Ananyev with a bankruptcy petition filed against him by grain company Nastyusha.
  • Advising the Receiver of the PSN PM in relation to a bankruptcy petition filed by multiple creditors.
  • Acting for biopharmaceutical group Ipsen in a bankruptcy case brought against one of Russia’s largest pharmaceuticals distributors.

Rustam Kurmaev & Partners

Since its establishment in 2017, dispute resolution boutique Rustam Kurmaev & Partners has become a preferred destination for financial institutions and large Russian and international companies. The group’s insolvency work spans high-value bankruptcy cases; it places a particular emphasis on creditor-side representations across sectors such as construction, financial services, and mining. The department is spearheaded by Dmitry Kletochkin and Oleg Permyakov. Name partner Rustam Kurmaev is also a key contact.

Practice head(s):

Dmitry Kletochkin; Oleg Permyakov

Other key lawyers:

Rustam Kurmaev


‘Rich experience in tackling complex cases.’

Key clients



Norecom GmbH

Venerable (Cyprus)

Hikoki Power Tools Rus

Most Group

Volkswagen Group


Yamaha Motor CIS

Work highlights

  • Representing the creditors of Most Group in a ₽757m bankruptcy case brought against the Russian Federal Tax Inspectorate and multiple independent minor creditors.
  • Advising the Russian Standard Bank in relation to challenging the claims of the bankruptcy commissioner of a counterparty.
  • Representing Most Vostok, the creditor in ₽1.1bn bankruptcy proceedings against the Russian Federal Tax Inspectorate.

Rybalkin, Gortsunyan & Partners

Rybalkin, Gortsunyan & Partners launched a restructuring and insolvency practice following the arrival of Vladimir Pestrikov from Egorov Puginsky Afanasiev & Partners in June 2020. Reflective of its dispute resolution focus, the group is particularly well-equipped to handle contentious insolvency work. Its sector-specific expertise spans banking and finance as well as energy, among others. Dmitry Dyakin and name partner Ilya Rybalkin are also key figures in the team, which is recommended by clients for being ‘versatile, commercially minded and meticulously thorough’.

Practice head(s):

Vladimir Pestrikov

Other key lawyers:

Dmitry Dyakin; Ilya Rybalkin


‘Rybalkin, Gortsunyan & Partners is a major player in the Russian market for insolvency disputes. The team has handled dozens of different high-profile bankruptcy disputes for us, with dozens of millions of dollars at stake. The team is an excellent choice for bankruptcy litigation. It follows a combative but not aggressive approach.’

‘Legal advice is of a high quality and team members are very responsive to queries.’

‘Vladimir Pestrikov deserves a special mention – he has been a loyal legal adviser over many years, assisting us on a very important project. His diligence and attention to detail are to a very high level and the success of the project would not have been possible without his valuable input.’

‘This is a solid team with a proven track record of successful cases. We have recently instructed them to provide legal opinion on a complex dispute resolution matter involving a criminal law angle and some compliance issues. I was pleased with how they approached the task. They highlighted all the potential risks associated with our case and were very efficient in offering ways to mitigate those risks.’

‘Ilya Rybalkin, leads his team with precision ’

‘A top-notch team that helps us to navigate the most complex and high-profile disputes our company is facing. They are versatile, commercially minded and meticulously thorough in their approach to handling cases. They have a great network of contacts across various jurisdictions that we as clients benefit from whenever we have a cross-border matter to take care of. ’

‘My main contacts at RGP are Dmitry Dyakin and Vladimir Pestrikov. Dyakin is a legendary arbitration and mediation expert. Pestrikov is one of the pillars of this team and it is his amazing ability to rise above and get a helicopter view of each matter at hand, with an abundance of vital details to be considered, that allows us to predict our opponents.’

Key clients

Ema Invest

Eurobank Ergasias

Hochtief Projektentwicklung

T Plus

Work highlights

  • Advising PJSC T Plus in relation to bankruptcy proceedings initiated against Group E4.
  • Assisting Mikhail Berezov, the former CFO at BM-Bank PJSC, with a $95m bankruptcy dispute involving Probiznesbank.

Trubor Law Firm

The core area of focus for Trubor Law Firm’s team is acting for private individuals and large domestic companies - both creditors and debtors - in insolvency litigation in the oil and gas, banking and finance, construction and metallurgical industries. The group’s recent workload also testifies to its ability to handle complex asset recovery work. Founding partner Alexander Trushkov leads the practice.

Practice head(s):

Alexander Trushkov

Other key lawyers:

Vadim Kodol


‘Personal approach, high level of responsibility, involvement in the project. High professionalism and pleasant impression from business communication with lawyers and partners of the company.’

‘Simpler and more transparent in communication in comparison with a number of other consultants. The lawyers work for delivering good results.’

‘Effective assistance in complex bankruptcy issues. This team is always result-oriented.’

‘Alexander Trushkov can promptly and clearly explain on any issue from the sphere of bankruptcy.’

Key clients



Khanty-Mansyiskyi Non-State Pension Fund

NPK Geoteknnologiya

GSK Yugoriya

NPF Blagosostoyaniye

Etihad Airways

Technochemreagent LLC

Work highlights

  • Represented the private creditors of IntrustBank JSC in a precedent-setting subsidiary liability case involving claims amounting to $100m.
  • Represented NPK Geotechnologiya in a series of bankruptcy litigation cases with trustees and creditors of Vneshtorgusiness, with claims valued at $79m.
  • Advising TechnoCheamReagent LLC in relation to the recovery of a $10m debt from a Russian businessman.

YUST Law Firm

YUST Law Firm’s team regularly appears on behalf of large domestic clients in insolvency-related proceedings in courts not only in Moscow, but across multiple Russian regions. It is adept at handling claims relating to subsidiary liability of debtors. In addition, the team is well-versed in bankruptcy procedure; its recent work demonstrates a discernible strength in debt recovery issues. Recently promoted partner Vasiliy Raudin and corporate law specialist Alexander Bolomatov jointly lead the practice.

Practice head(s):

Alexander Bolomatov; Vasiliy Raudin

Other key lawyers:

Oleg Kuzmichev; Dmitriy Zabrodin

Key clients

Milbank LLC

East-West United Bank S.A.

Netkanika LLC

Kookmin Bank JSC

Clever LLC

Football Union of Russia

Medsnab LLC

Work highlights

  • Acted for Milbank LLC in the client’s bankruptcy case, thereby representing the Deposit Insurance Agency as the client’s bankruptcy manager.
  • Provided full legal support to East-West United Bank S.A. in five bankruptcy cases of Russian film-holding companies.
  • Provided full legal support to Kookmin Bank JSC in the bankruptcy case of a Russian company, the owner of a hotel complex in the Far East.

Alliance Legal CG

Alliance Legal CG acts for a mix of privately held and state-owned companies, as well as private individuals, handling contentious bankruptcy matters and projects demanding transactional and due diligence and support. For cross-border restructuring projects, the team can rely upon the expertise of the firm’s newly launched export controls and sanction practice in California; Evgeniy Karnoukhov is a key contact. This strength in the restructuring space is reinforced through investment and tax practice head Dmitriy Fesko’s background in finance. Alina Manina leads the bankruptcy practice.

Practice head(s):

Alina Manina

Other key lawyers:

Evgeniy Karnoukhov; Dmitry Fesko

Key clients

Gazprom Mezhregiongaz UFA LLC

Cozy Home Holding

National Non-Metallic Company JSC

Energomost LLC

Mariinsk Invest LLC

Akron Holding

Sports Club of the Ural Federal University

Work highlights

  • Acted for Gazprom Mezhregiongaz UFA in a $22m bankruptcy case.
  • Successfully acted for Cosy Home Holding on settling tax claims and assisted with the restructuring of tax liabilities of a large textile holding.


Bartolius' bankruptcy team focuses on representing domestic corporations and private clients in insolvency litigation. Tax planning specialist Dmitry Provodin heads up the department.

Practice head(s):

Dmitry Provodin


German law firm BEITEN BURKHARDT has carved out a reputation for its representation of German clients and their Russian subsidiaries in bankruptcy-related cases. The team also has a strong track record of handling debt restructuring matters. Litigation practice head Alexander Bezborodov and managing partner Falk Tischendorf are the key contacts.

Practice head(s):

Falk Tischendorf; Alexander Bezborodov

Other key lawyers:

Natalia Bogdanova

Key clients

Glatt Ingenieurtechnik GmbH


Work highlights

  • Assisted Wirtgen-International-Service with debt restructuring issues.

Dechert Russia LLC

Dechert Russia LLC is particularly well-versed in the financial restructuring realm. Managing partner Laura Brank splits her time between London and Moscow.

Practice head(s):

Laura Brank


Acting for both companies and private individuals, Infralex’s cross-practice group is adept at assisting clients with their inclusion in the register of creditors. Handling subsidiary liability claims is another area of strength for the team. Artem Kukin and recently promoted partner Stanislav Petrov share leadership of the department.

Practice head(s):

Artem Kukin; Stanislav Petrov

Other key lawyers:

Yulia Karpova; Arthur Rokhlin

Key clients

Grant Thornton UK LLP

NK Soyuz LLC


AM-Building Center CJSC




Engineering Company LLC

Business Access Ltd.

Work highlights

  • Advising a large property developer of hotels and sports facilities for Sochi 2014 Olympics as a creditor in relation to the bankruptcy case of the large construction company.
  • Assisting Grant Thornton UK and creditors with issues relating to the bankruptcy of a Russian entrepreneur.

Maxima Legal

At St. Petersburg-based firm Maxima Legal, the insolvency group demonstrates ‘an excellent understanding of the theory and practice of bankruptcy regulation’. It acts on the side of creditors, debtors and administrators in bankruptcy proceedings. For bankruptcy cases involving criminal law matters, the team acts in conjunction with the firm’s newly launched criminal law department. Sergei Bakeshin sits at the helm of the department. Managing partner Maxim Avrashkov is noted for his recent insolvency-related advice provided to foreign clients.

Practice head(s):

Sergei Bakeshin

Other key lawyers:

Maxim Avrashkov


‘Maxima Legal lawyers show themselves to be highly qualified and responsible. The team has an excellent understanding of the theory and practice of bankruptcy regulation and is always well-prepared and convincing in court proceedings. Also, the lawyers are persistent and are able to make do with a large amount of work at the same time, and more often than many lawyers of other law firms achieve the desired result for its clients, on my opinion.’

‘Rich experience, willingness to manage complex processes.’

‘Maxim Avrashkov is always ready to help.’

‘Based on my experience with Maxima Legal, I can conclude that their lawyers are highly competent. In my opinion, this is the main advantage of this firm. I also note the personal approach to the client of each specialist. We have formed a trusting relationship.’

‘Sergey Bakeshin is a very experienced specialist. When building a strategy, he is attentive to details, and can masterfully weigh all the pros and cons.’

Key clients

Marine Geology Services LLP


TransVolt LLC

SPB Energostroi LLC

Work highlights

  • Assisting British company Marine Geology Services with bankruptcy-related matters involving the client’s debtor in India.
  • Assisting the debtor, SPB Energostroi LLC, with reviewing an insolvency petition and the validity of the creditor’s claims against the client.
  • Representing the former directors and the shareholders of TransVolt LLC in a dispute relating to the potential subsidiary liability established on the basis of an insolvent company’s liabilities.

Muranov, Chernyakov & Partners

Muranov, Chernyakov & Partners specialises in insolvency litigation,  representing both creditors and debtors. Debt restructuring is also a forte of the group. Maxim Platonov leads the department.

Practice head(s):

Maxim Platonov


Led by dispute resolution practice head Viktor Gerbutov, Noerr’s cross-practice group prides itself on its multi-jurisdictional work, particularly its Russian expert law advice provided to UK-based clients in the context of insolvency proceedings. The group also specifically focuses on debt recovery mandates.

Practice head(s):

Viktor Gerbutov

Key clients

General Electric

New Media Law

Efremov Synthetic Rubber Enterprise

Scientific Drilling International

Simmons & Simmons

Work highlights

  • Acted as a Russian law expert on bankruptcy law in a London High Court hearing involving a trust bank, members of the board of directors, and former owners of the bank.
  • Acted as a Russian bankruptcy law expert in a hearing at the London High Court involving former NK Yukos shareholders and purchasers of a number of assets of NK Yukos.
  • Provided Russian law expert witness advice on Russian insolvency law and civil procedure in VTB Bank v Laptev.

Olevinsky, Buyukyan and Partners

The primary area of focus for Olevinsky, Buyukyan and Partners is insolvency litigation, where it represents a mix of private clients, domestic companies and financial institutions. Recently promoted partner Yuliya Trofimova leads the restructuring and insolvency practice; other notable practitioners include department head Elena Poleonova and name partner Edward Olevinsky.

Practice head(s):

Yuliya Trofimova

Other key lawyers:

Elena Poleonova; Edward Olevinsky


‘The lawyers work quickly, accurately and, most importantly, efficiently. Of their strengths, I would like to note their high professionalism (the firm specialises in bankruptcy), competence and high level of personal responsibility.’

‘Elena Poleonova is highly attentive, which has helped us more than once in difficult situations. I would like to note her high quality work, her readiness to listen to the opinion of the customer. It is because of her responsible and motivated approach to business that I decided to turn to the firm’s services again.’

‘The main strength of the firm is its vast experience in conducting bankruptcy procedures for legal entities and individuals. Turning to them, I was not only provided with analysis of the situation of the debtor, but also received a description of all possible scenarios for the implementation of the project and the risks associated with each stage.’

‘I would like to note the deep professionalism and competencies of Edward Olevinsky, as well as the outstanding style of his thinking, which he showed when providing legal assistance in the framework of work on the case.’

Key clients

Ladozhskaya Forel, LLC

Ir-Lizing, LLC

National Bank Trust

Asmato, LLC

Work highlights

  • Acted for Ladozhskaya Forel in bankruptcy proceedings.
  • Advised IR-Lizing on subsidiary liability issues.
  • Acted for National Bank Trust in bankruptcy proceedings.

Paradigma Law Firm

Paradigma Law Firm is a destination of choice for domestic and foreign companies, as well as private clients, seeking representation in bankruptcy proceedings. Creditor clients, particularly financial services and insurance companies, also benefit from team members’ extensive experience acting as bankruptcy receivers. Managing partners Kliment Rusakomsky and Natalia Kolodezhnaya are adept at handling issues arising in cross-border insolvency litigation.

Practice head(s):

Kliment Rusakomskiy

Other key lawyers:

Natalia Kolodezhnaya; Marat Khasanov

Key clients

TTK-Logistic LLC


FSK Leader LLC

JSCB Almazergienbank JSC

KranBank JSC

Gazoil JSC

Work highlights

  • Represented a client in bankruptcy proceedings concerning the presumed beneficial owner of the company which previously sold its shares to the client.
  • Acting as a sole adviser to JSCB Almazergienbank JSC in its debt recovery process, including bankruptcy proceedings and debt restructuring.
  • Assisted a client with the recovery of debt from its primary debtor.

Pavlova & Partners

Pavlova & Partners has extensive insolvency litigation experience, including appearances before the Supreme Court. The team is adept at representing debtors, creditors and trustees across a wide range of sectors, including financial services, oil and gas, fast-moving consumer goods and real estate, among others. Practice head Sergey Levichev is ‘a recognised bankruptcy specialist with outstanding personal and professional qualities’. Konstantin Savin is also a key team member.

Practice head(s):

Sergey Levichev

Other key lawyers:

Konstantin Savin


‘The  restructuring and bankruptcy practice of Pavlova & Partners is distinguished by the high professionalism of its employees, the significant experience in supporting projects in the field of insolvency, and active participation in bankruptcy procedures of any categories of debtors.’

‘I worked with Konstantin Savin on several matters and can mention that he is very careful about the details of the case and always trying to provide proactive creative solutions to clients’ problems.’

‘Our key contact in the practice is Sergey Levichev. He is calm, reasonable and shows interest in the client’s business.’

‘Sergey Levichev is a recognised bankruptcy specialist with outstanding personal and professional qualities.’

‘Professional team. Strong specialists, who at the same time remain a close-knit team focused on results.’

Key clients

Euler Hermes Ru

Schenk Italia S.p.A.

Ermete & Figli S.R.L.

Work highlights

  • Acted for Euler Hermes, a subsidiary of Allianz, in multiple disputes arising out of the bankruptcy of Ostankino Dairy Plant.
  • Representing a private defendant in a dispute seeking the recovery of losses from members of the bank’s board in the bankruptcy case of Admiralteyskiy Bank.
  • Acting for an Italian alcoholic beverage company, Schenk Italia S.p.A., in a dispute regarding the inclusion of its claim in the register of LK Wine Import’s creditors.


VEGAS LEX is consistently engaged on bankruptcy proceedings aiming to establish the subsidiary liability of controlling debtors, with a particular strength in developing clients’ litigation strategy. Debt restructuring advice is another mainstay of the practice. Following the departure of former practice head Alexander Vyazovik in May 2020, managing partner Alexander Sitnikov and litigation practice head Victor Petrov took over the leadership of the bankruptcy group.

Practice head(s):

lexander Sitnikov; Victor Petrov


‘The practice is unique in how competent it is. In the course of our joint work, we noticed how effective the team is in providing us with up-to-date information. We will be recommending the team in the future.’

‘I would like to mention Viktor Petrov as a talented leader of his practice, an effective project manager and a highly qualified lawyer. I am sure that thanks to his efforts and strong will, the firm is showing excellent results.’

‘Bankruptcy is one of the key strengths of the firm. The team thoroughly understood the details of our project, which is extremely important for us. Good competence in the field of challenging transactions.’

‘Viktor Petrov is very hardworking and purposeful. Protects all interests of the client to the last.’

Key clients




Work highlights

  • Representing Mosenergo as a creditor in relation to the bankruptcy of Orekhovo-Zuyevo Heating Station.

Yukov & Partners Law Office

Yukov & Partners Law Office is well-placed to handle disputes for large domestic creditors, particularly in the banking and finance industry. Svetlana Tarnopolskaya leads the practice.

Practice head(s):

Svetlana Tarnopolskaya