Restructuring and insolvency in Russia

ALRUD Law Firm

The large dispute resolution team at ALRUD Law Firm advises clients on restructuring and insolvency matters. The team’s industry-specific expertise attracts a growing number of clients in the financial services, oil and gas and automotive industries. Sergey Petrachkov leads the restructuring team, where litigator and recently promoted partner Magomed Gasanov, banking law specialist Anton Dzhuplin and founding partner Vassily Rudomino are all key names to note.

Practice head(s):

Sergey Petrachkov


Professionals with deep knowledge of the applicable law

The team is reliable, efficient, supportive and accessible.

Team members are exceptionally good at keeping their court filings as simple as possible, while keeping them precise and formally correct. This is also very important for drawing judge’s attention to important aspects of the issue at stake.

Magomed Gasanov is hard-working and creative in terms of legal argumentation.

Key clients

Gazprom Neft

Signet Bank AS

General Motors Uzbekistan

Sova Capital

Sklostroj Turnov CZ, s.r.o.

Sib Trading AG

Zoomlion Capital Rus

Sberbank Europe AG

Baker & McKenzie - CIS, Limited

At Baker & McKenzie - CIS, Limited, senior associate Pavel Novikov heads up the insolvency and asset tracing team, which is part of the wider dispute resolution department. The Moscow-based group is fully integrated into the firm’s global network, which bolsters its ability to act for domestic and foreign clients on significant cross-border matters. Working alongside Novikov, Edward Bekeschenko is also a standout practitioner in the bankruptcy litigation space, and Max Gutbrod is a key adviser to clients seeking restructuring advice.

Practice head(s):

Pavel Novikov


The team stands out for its excellent knowledge of both theory and practice, its solution-oriented approach, and its proactivity and creativity in solving problems.

Pavel Novikov is a great expert in insolvency law and civil procedure; he is also good at spotting and solving clients’ problems.

Key clients


Work highlights

  • Advising Bitzer on debt recovery issues relating to the bankruptcy of a Russian contractor.
  • Representing a chemical manufacturer in bankruptcy proceedings against the former distributor of the client’s goods.

Egorov Puginsky Afanasiev & Partners

Egorov Puginsky Afanasiev & Partners’ bankruptcy and restructuring department is led by Valery Eremenko from the Moscow office. Clients and peers praise the group’s traditional strength in bankruptcy litigation; the team is also well versed in non-contentious issues and draws on the expertise of the firm’s M&A practice for issues concerning distressed assets and financial rehabilitation. Ivan Smirnov is a seasoned bankruptcy litigator and manages the St. Petersburg office, where he works closely with recently promoted counsel Evgeny Gurchenko. Dimitry Afanasiev and Denis Arkhipov are also noteworthy individuals in the Moscow-based group. Dmitry Dyakin left the firm in 2020.

Practice head(s):

Valery Eremenko


Egorov Puginsky Afanasiev & Partners’ lawyers have remarkable professional instincts and are attentive to details. They thoroughly review everything, build efficient strategies, and achieve outstanding results.

In Russia, bankruptcy and insolvency issues are closely linked to litigation. That is why we chose Egorov Puginsky Afanasiev & Partners to represent our interests. Lawyers demonstrate perseverance, excellent rhetorical skills, and a fantastic high level of commercial awareness.

This is a top-notch firm for restructuring and insolvency cases. Team members act both for creditors and debtors and particularly excel in cases regarding subsidiary liability. Clients benefit from their deep knowledge of the law, superb performance in courts, and high efficiency.

St. Petersburg-based counsel Evgeny Gurchenko is distinguished by his foresight, strategic thinking, impeccable knowledge and highly commercial approach. He successfully handles the most complex bankruptcy cases.

Ivan Smirnov and counsel Evgeny Gurchenko are experienced practitioners with both litigation and transactional expertise.

Ivan Smirnov is uniquely intelligent and enjoys a strong reputation in litigation. Ivan understands exactly what is going to lead to winning a case and makes sure the client sticks to the agreed plan.

Key clients

IQG Asset Management



Work highlights

  • Acting for IQG Asset Management and its companies in proceedings brought by Promsvyazbank, seeking the invalidation of a chain of transactions.
  • Representing the former owners of air carrier Transaero in a high-profile case concerning a bankruptcy in the aviation industry.
  • Represented the creditors of Energocapital, formerly the largest brokerage firm in North-Western Russia, in a $41m subsidiary liability claim brought against its former shareholder.

Monastyrsky, Zyuba, Stepanov & Partners

Clients praise Monastyrsky, Zyuba, Stepanov & Partners’ strong track record in complex bankruptcy proceedings, particularly for acting for creditors. Anton Aleksandrov heads up the practice, where Dmitry Mukhomorov is also singled out.

Practice head(s):

Anton Aleksandrov


Monastyrsky, Zyuba, Stepanov & Partners’ lawyers are very creative and experienced, think outside the box, and act in accordance with commercial needs of the client.

Dmitry Mukhomorov is our first choice for Russian domestic litigation.

Key clients

Yugra Bank




Halyk Bank


O1 Group


Work highlights

  • Acting for Prodimex in insolvency proceedings brought by Ivolga-Center and Sakhar Zolotukhino.
  • Representing Yugra Bank in three cases brought against The Central Bank of Russia challenging the Central Bank’s orders placing the client under external administration as part of a bankruptcy prevention process.
  • Defending the ultimate beneficial owners of Probusinessbank against claims holding them jointly and severally liable to the bank’s creditors.

Bryan Cave Leighton Paisner (Russia) LLP

Bryan Cave Leighton Paisner (Russia) LLP provides complex restructuring and insolvency advice to a high-profile client roster of multinational companies, blue-chip companies and high-net-worth individuals. The team also has notable focus on insolvency litigation, which has a multi-jurisdictional element, where it benefits from the firm’s strong international presence. The department also frequently draws upon the expertise of the firm’s M&A, competition, employment and tax teams. Practice co-heads Ivan Veselov, Oleg Khokhlov, Anton Sitnikov and Elena Trusova are the key contacts.


Team members deliver high-quality results. Their extensive experience and strong presentation skills are also an added bonus.

The team demonstrates competence and a depth in knowledge. It was efficient in coordinating multiple matters in the insolvency field and beyond.

Ivan Veselov and his team offer clear, concise and effective advice on the full range of disputes, including high-profile bankruptcy cases.

Key clients

European Bank for Reconstruction and Development

HMS Group

Samsung C&T Corporation

Great Wall Motors (China)



Work highlights

  • Advised the HMS Group on corporate restructuring issues, following a transfer of shareholding in HMS Plc to Russian entity JSC HMS Holding.
  • Representing Great Wall Motors (China) in the bankruptcy proceedings of a liquidated debtor.

Ivanyan and Partners

At Ivanyan and Partners, the domestic dispute resolution and international commercial litigation departments act in insolvency litigation and related issues. Based in St. Petersburg, domestic dispute resolution practice co-head Alexey Kozyakov is a key name in the field for large-scale bankruptcy proceedings and debt recovery issues. Sergey Chuprygin, Vasily Torkanovskiy and Khristofor Ivanyan are key practitioners in the Moscow market.


Great experience and excellent knowledge across multiple sectors.

Alexey Kozyakov remains efficient and creative while managing to react quickly.

Key clients



Ilim Group


Crudex Energy International

HC Spartak Moscow



Avantazh Nedviznimost


Work highlights

  • Representing steel and mining company Severstal in $300m bankruptcy proceedings initiated against the operator of one of the largest iron ore deposits in Russia.
  • Advising Stroygazconsulting Group on the restructuring of its $415m debt to its creditor, a large Russian bank.
  • Representing Baledge in bankruptcy proceedings initiated against CentrObuv Trade House.


Vladimir Melnikov leads Linklaters’ wider dispute resolution practice, which excels in debt restructuring mandates. Banking and finance department head Michael Bott is a key contact for banks seeking insolvency advice.

Practice head(s):

Vladimir Melnikov

LP Law Firm

LP Law Firm’s insolvency department assists companies with debt restructuring matters, and has wide-ranging expertise across multiple sectors including the real estate, engineering and financial services industries. The team leverages its international 'best friends' network on cross-border issues involving China and India. Department head Dmitriy Chepurenko utilises his ‘in-depth knowledge of procedural law’ in civil and arbitral bankruptcy proceedings. Senior associate Alexander Dondokov is another key figure in the team. Vladislav Ganzhala left the firm.

Practice head(s):

Dmitriy Chepurenko


Dmitriy Chepurenko is known for his in-depth knowledge of procedural law.’

Key clients

Kirovsky Zavod

AS Reverta


Alexander Ryabchikov


Work highlights

  • Advised Kirovsky Zavod PJSC on issues concerning the bankruptcy of metallurgical plant Petrostal.
  • Advised AS Reverta on issues concerning the bankruptcy of Moscow Bread Products Plant.
  • Acted for Rusnano on issues relating to the bankruptcy of Smolenskiy Bank.

Pepeliaev Group

The bankruptcy practice at Pepeliaev Group handles a well-balanced mix of contentious and non-contentious bankruptcy matters; it has a recent strong track record in subsidiary liability cases. Yulia Litovtseva heads up the team and is well versed in handling bankruptcy proceedings thanks to her prior experience as a bankruptcy judge. Senior associate Leonid Barkov is also a key name to note.

Practice head(s):

Yulia Litovtseva


Team members are always available to discuss our options and all possible courses of action.

It is always very pleasant to turn to Yulia Litovtseva, who is not only a great, helpful and competent professional, but also a wonderful person to communicate with. I also think that her experience as a judge at a state commercial court is beneficial to us and other clients, as she can see both sides of the coin.

Key clients


Astellas Pharma

Cherkizovo Group

Evison Holdings



Multiregional Transit Telecom

Pernod Ricard

Procter & Gamble

Rietumu Banka

SK MOST Group of companies



Universal Leasing Company

Work highlights

  • Represented Rietumu Banka in multiple bankruptcy cases including disputes with the bank’s private borrowers.

Allen & Overy Legal Services

Allen & Overy Legal Services' banking team has strong capabilities in bankruptcy proceedings and asset recovery matters. In the restructuring space, the team assists a variety of companies, financial institutions and investors. Igor Gorchakov and Ilya Dvorkin act as department co-heads.

Practice head(s):

Igor Gorchakov; Ilya Dvorkin


The team has always demonstrated high proactivity and has delivered very high-quality services.

Key clients

HSH Nordbank A.G.

VTB Bank (Deutschland) A.G.

UniCredit Bank AG

ING Bank


Raiffeisen Bank International A.G.


Work highlights

  • Acting for Morgan Stanley as security agent and facility agent in proceedings concerning the bankruptcy of South Oil Company and Astrakhan–Neft.

BGP Litigation

BGP Litigation specialises in domestic and cross-border bankruptcy proceedings, and also has notable strength in asset tracing matters, particularly relating to document discovery and disclosure of information. Department leaders Dmitry Bazarov, Sergey Lisin and Alexander Vaneev are all standout figures in the local market.

Key clients

Lukoil PJSC

Zemsky Bank LLC


Work highlights

  • Defending Lukoil-Komi LLC in three separate disputes concerning the invalidation of transactions regarding the bankruptcy of a large construction company.
  • Representing Zemsky Bank LLC as secured creditor in a case concerning the bankruptcy of a company operating a petroleum base.
  • Acting for MTS-Bank PJSC in a claim concerning the subsidiary liability of two controlling persons of the debtor company.

Clifford Chance

Clifford Chance adopts a cross-practice approach to contentious and non-contentious issues, particularly relying on the strength of its banking and finance and dispute resolution teams. The Moscow-based group also works closely with the firm’s insolvency experts in London. The particular sector-specific expertise of the practice spans the mining, metals and transport industries. Managing partner Victoria Bortkevicha, dispute resolution practice head Timur Aitkulov and Vladimir Barbolin are all key contacts for the team’s client base, which encompasses banks, financial institutions and companies.


Dentons has notable strength in the restructuring arena, and has recently experienced an increase in contentious bankruptcy instructions. The team acts for a varied mix of companies, investors in distressed businesses, banks and directors of potentially insolvent companies. Practice head Andrei Strijak is well versed in debt restructuring and insolvency work, and clients also recommend Timothy Stubbs, who is qualified in the State of New York.

Practice head(s):

Andrei Strijak


Dentons Russia’s insolvency and restructuring team is a technically very strong team that stays abreast of all the key developments in that field in Russia and beyond. Team members apply their deep knowledge in a very commercial way, which makes it easy for clients to work with them.

We know that Dentons will think “outside the box” and the narrow confines of black-letter law in providing tailored and practical advice.

Tim Stubbs is very knowledgeable, and has a very hands-on approach and innovative ideas.

Key clients

Kuke S.A.

Sidel S.p.A.


Work highlights

  • Represented a pool of leading international financial institutions as creditors to AccessBank in the successful restructuring of the debt of the bank.
  • Representing Valeo in bankruptcy-related litigation.
  • Acting for Kuke in $11m claims against a Russian borrower.

FBK Legal

FBK Legal advises on a wide array of contentious and non-contentious issues, including corporate restructurings, debt enforcement work and bankruptcy procedures; the team is also growing its bankruptcy administration work. Practice co-head Alexander Ermolenko leads on debt restructuring issues in the financial services sector. The firm has expanded its presence in St. Petersburg through its merger with NB Legal Agency; Nina Boer manages the local office and advises on restructuring matters. Clients single out Elena Bokareva, whose insolvency practice focuses on representing shareholders and creditors.

Practice head(s):

Alexander Ermolenko; Nina Boer


The team is good at assessing risks and estimating the potential economic effect on our activities.

Elena Bokareva remains highly involved in all issues, while her team provides comprehensive timely legal support.

Key clients




Yamaha Motor


NGK Spark Plugs



GT Energo

Per Aarsleff


Central Geological Company

Technoserv Consulting





Logistika 1520

Teplocom Service



Work highlights

  • Assisting Yamaha Motor CIS with debt recovery issues.
  • Acted for Technoserv on debt restructuring matters.
  • Advising Sindbad on its complex bankruptcy process.

Herbert Smith Freehills

Herbert Smith Freehills' multidisciplinary group has extensive experience in cross-border asset recovery and insolvency proceedings, where it primarily relies on the skills of its dispute resolution department. The practice also draws on the capabilities of lawyers specialising in finance, corporate and capital markets work for corporate and debt restructuring mandates, corporate rescues and distressed M&A transactions. The team has a key reputation in the financial services sector, and is also active in the private equity, energy, media, retail, engineering and real estate industries. Artjom Buligin, Dmitry Gubarev, Alexei Panich and Evgeny Zelensky are key contacts.

Key clients

Sberbank of Russia

AO Raiffeisen Bank

Royal Bank of Scotland


Onexim Group

VTB Bank

ING Bank

ABN Amro

Raven Russia

Work highlights

  • Acting for The Royal Bank of Scotland as agent against a large group of agricultural companies in multiple claims including loan recovery and bankruptcy proceedings.

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

KIAP (Korelskiy, Ischuk, Astafiev and Partners, Attorneys at Law) focuses on insolvency dispute resolution; team members also have significant experience representing clients before the Supreme Court of Arbitration of Russia. Newly appointed practice head Ilya Dedkovskiy specialises in disputes concerning the withdrawal of bankrupt companies’ assets, and cases alleging the liability of directors and shareholders for the company’s debts.

Practice head(s):

Ilya Dedkovskiy


The bankruptcy practice of KIAP is focused on cases concerning the liability of the management of a bankrupt company and handling challenging restructuring issues. Lawyers have extensive experience in such cases. They always demonstrated creativity in defending our legal position and showed an ability to work under tight deadlines.

Ilya Dedkovskiy always offers creative solutions to non-standard legal problems. He is well aware of the economic component of the business of his clients. It is pleasant to work with him – he is always in contact, quickly responds to requests, and his recommendations are clear.

Key clients


National Clearing Centre

Boku Network Services AG


Rizzani de Eccher

Work highlights

  • Advising Italian company Codest Engineering as a creditor on issues relating to the bankruptcy of Satori Corporation.
  • Representing the National Clearing Centre in a dispute arising out of the bankruptcy of a large investment company.
  • Representing Novartis Group in proceedings arising out of the bankruptcy of the former owner of a Russian supplier of pharmaceuticals.

Morgan, Lewis & Bockius LLP

Grigory Marinichev heads up Morgan, Lewis & Bockius LLP’s restructuring and insolvency department, which draws on the expertise of the firm’s global group and works closely with the group's in New York and London. The practice has particular experience acting in claims alleging fraudulent activity and disputes arising out of M&A transactions in Russia. Associate Alexey Chertov is also noted.

Practice head(s):

Grigory Marinichev


Solution-oriented, proactive and attentive to details

The team is dedicated, extremely quick and competent, particularly competent in corporate restructuring.

The team is strong at both local and international level; it also has good knowledge of both theory and practice.

Grigory Marinichev is an excellent negotiator and a recognised star on the Russian market. He is able to solve issues of any complexity.

Alexey Chertov stands out for the depth of his knowledge and the high quality of his work.

Key clients


VTB Bank

VTB Bank (Europe) SE

VTB Debt Center

Sberbank (Switzerland) AG

Sberbank CIB

Sberbank Europe AG

SIB (Cyprus)


Ben Oldman

East-West United Bank


Amsterdam Trade Bank

Heta Luftfahrzeuge Leasing GmbH

BB Energy

Work highlights

  • Representing a syndicate of international banks in bankruptcy proceedings concerning Red October, a Russian metallurgical group of companies.
  • Advising Sberbank Europe on a €113 million financing structured as a term loan facility backed by pledge agreements.
  • Advised Sberbank CIB and its subsidiary Sberbank (Switzerland) on amendments to and novation of a $50m prepayment for Russian copper producer RCC from Sberbank Switzerland.


Clients praise the expertise of the team at Bartolius, which is instructed by large domestic companies and private individuals in bankruptcy-related proceedings. Dmitry Provodin heads up the practice.

Practice head(s):

Dmitry Provodin


BEITEN BURKHARDT’s client roster primarily consists of German corporate clients and their Russian subsidiaries. The team assists high-profile creditors with debt restructuring advice concerning their debtor counterparties, and the department is also strong in advising on bankruptcy-related procedural matters. Alexander Bezborodov heads up the practice, which includes managing partner Falk Tischendorf and counsel Gerd Lenga as key contacts.

Practice head(s):

Alexander Bezborodov


We like the team’s German-oriented approach to issues, the high quality of its products, and the overall strength of the team.

Beiten Burkhardt’s dispute resolution team is our trusted advisor in Russia. This is a team of experienced, well-known and highly professional lawyers. It clearly understands our needs, maps out our options well, and provides timely support in the project.

The experience of Alexander Bezborodov as well as his professional approach are well known in the market.

Key clients

Glatt Ingenieurtechnik GmbH

Wirtgen-International-Service LLC

Work highlights

  • Advising Glatt Ingenieurtechnik on the bankruptcy procedure of a Russian subcontractor.

Dechert Russia LLC

Dechert Russia LLC’s practice has substantial strength in financial restructuring, which is evidenced in the expertise of managing partner Laura Brank. The team handles complex cross-border restructuring and insolvency work and leverages its close cooperation with the firm’s London team. Yuri Makhonin departed to Rybalkin, Gortsunyan & Partners.

Practice head(s):

Laura Brank


A hard-working team focused on their clients and their needs; Dechert has an excellent reputation for bankruptcy-related disputes, particularly of a cross-border nature.

Key clients

Commerzbank AG

Deutsche Bank AG


European Bank for Reconstruction and Development



Work highlights

  • Acting for Eurobank Ergasias as security creditor in bankruptcy proceedings concerning high-value land plots in the Moscow Region.
  • Representing Hochtief Projektentwicklung in bankruptcy proceedings brought against its Russian subsidiary.
  • Advising Mechel and its subsidiaries on the restructuring of a $1bn pre-export finance debt facility with a syndicate of foreign lenders.

Eversheds Sutherland

Eversheds Sutherland acts on the side of debtors and creditors, and represents domestic and international clients in bankruptcy litigation and negotiations. Litigators Yury Pugach and Oxana Peters head up the practice, which includes senior associate Pavel Falileev, who is recommended by clients for his niche expertise in debt collection mandates.

Practice head(s):

Yury Pugach; Oxana Peters


Very experienced lawyers, who always think strategically and creatively to find solutions to any problem. They are extremely business-oriented and always respond promptly.

Pavel Falileev is an excellent attorney who is a great expert in this area. He summarises complex matters in a clear and straightforward manner and knows how to bring calm during challenging times.

Key clients

Czech Export Bank


International Air Transport Association

Cherkizovo Group

Work highlights

  • Represented the Czech Export Bank in a brick factory’s bankruptcy in Bryansk Oblast.
  • Represented the Czech Export Bank in Metrobeton’s bankruptcy in St. Petersburg.
  • Acted for Cherkizovo Group on issues concerning the bankruptcy of Belaya Ptitsa LLC.

Ilyashev & Partners

Ilyashev & Partners has a fully dedicated insolvency and financial restructuring department, which is headed up by recently promoted counsel Dmitry Konstantinov. The team’s mainly focuses on bankruptcy litigation, where it acts for creditors and debtors. The group also leverages its strength in Ukraine to represent Ukrainian clients in Russia, and Russian clients in Ukraine.

Practice head(s):

Dmitry Konstantinov


An efficient team for matters in Moscow and Kyiv.

Key clients

BTA Bank


Alfa Bank (Ukraine)

Zhejiang YAT Electrical Appliance Co.

Vati, JSC

Port of Vitino

SE Antonov

Multinational Logistics Partnership

Work highlights

  • Advising Ural ATI on the restructuring of debts incurred by former shareholders.
  • Acting for Bank Saratov on the restructuring of the obligations of a debtor.
  • Successfully represented Fritex in a dispute with two former shareholders.

Khrenov & Partners

 Igor Nikolaenko leads Khrenov & Partners’ bankruptcy team, which has substantial bankruptcy litigation strength across the financial services, construction, and oil and gas sectors. Counsel Anna Burdina is another key figure in the team.

Practice head(s):

Igor Nikolaenko

Key clients

LLC Reap

JSC Gazpromneft-Omsk Refinery

OJSC Enex/ JSC GazpromBank

OJSC Special Economic Zones

Work highlights

  • Represented LLC Reap in succession proceedings in a bankruptcy case.
  • Represented JSC Gazpromneft-Omsk Refinery in the bankruptcy of JSC Penza Chemical Machine Building Plant.
  • Advised OJSC Enex and JSC GazpromBank on issues concerning the bankruptcy of LLC Resource.


KK&P TRIAL LAWYERS provides boutique dispute resolution advice and is particularly adept at handling insolvency litigation for lender clients. The practice is also well versed in representing clients in parallel proceedings at a domestic and international level, and acting for beneficiaries on matters involving subsidiary liability for the obligations of debtors. Department co-heads Maxim Kulkov, Nikolay Pokryshkin and Oleg Kolotilov are seasoned practitioners in the insolvency space.


KK&P Trial Lawyers showed high professionalism, competence and deep knowledge of the law.

Very often, lawyers speak their own legal language rather than the language of business – KK&P Trial Lawyers is a pleasant exception. They find a common ground with judges, counterparties and clients. When a client does not understand the intricacies of the legal process, this can be particularly reassuring.

Nikolay Pokryshkin showed himself as a lawyer with perfect knowledge of the subject. I would particularly note his good understanding of the international practice in insolvency cases and operational decision-making.

Key clients


International Bank of Azerbaijan



Volga Terminal Transit




B&N Bank

Clifford Chance

Hlynov Bank

Raiffeisen Bank

Rost Bank

Rost Factoring Company

Work highlights

  • Representing The International Bank of Azerbaijan in a dispute with Sberbank concerning the recognition of a judgment concerning the client’s $3.3bn debt restructuring.
  • Advising creditors Sonact and Volga Terminal Transit on the $662m insolvency of a large oil refinery.
  • Defending Sovfracht against subsidiary liability claims relating to the obligations of its former subsidiary.

Rustam Kurmaev & Partners

Rustam Kurmaev & Partners has established a solid reputation for its boutique dispute resolution practice with expertise in white-collar crime matters and criminal defence; the team is also increasingly active in bankruptcy-related proceedings. Particular sectors of focus include the automotive, mining and metals industries. Practice head Oleg Permyakov is the main contact; name partner Rustam Kurmaev and Dmitry Kletochkin are also key names to note.

Practice head(s):

Oleg Permyakov


High level of service, coupled with creativity and a result-oriented approach to issues.

Rustam Kurmaev’s team is prepared to assist anytime by providing top-quality legal advice tailored to the specific purpose of the client.

Dmitry Kletochkin and Oleg Permyakov are also very efficient in providing legal support during complex disputes involving bankruptcy and criminal defence.

Key clients



Norecom GmbH

Venerable (Cyprus)

Hikoki Power Tools Rus

Maxim Averin

Igor Zyuzin

Volkswagen Group


Yamaha Motor CIS

Work highlights

  • Representing Mechel in multiple lawsuits brought by LLC Rostov Electrometallurgical Plant and its general director and beneficiary Vadim Varshavsky.
  • Assisting Norecom with its inclusion in the register of creditors of LLC Rostov Electrometallurgical Plant, with the aim of fund recovery.
  • Acting for Yamaha Motor CIS in settling a dispute with a dubious creditor.

Trubor Law Firm

Led by Alexander Trushkov, Trubor Law Firm focuses on representing creditors and debtors in insolvency proceedings. The team also advises on non-contentious insolvency issues including asset recovery work and the sale of assets. The group’s client base consists of high-net-worth individuals and companies in the oil and gas, financial services, construction and metallurgy sectors.

Practice head(s):

Alexander Trushkov


The team distinguishes itself through its thoughtfulness, its thorough approach and its ability to carefully consider clients’ questions in a comprehensive and systemic manner. Practice leader Alexander Trushkov embodies all this.

Key clients



Khanty-Mansyiskyi Non-State Pension Fund

NPK Geoteknnologiya

Monolitinvest LLC

Demirjian Global Offshore Sal

Etihad Airways

Work highlights

  • Represented Phosint in $130m bankruptcy-related litigation against Otkrytiye Group.
  • Represented a group of creditors in a bankruptcy dispute alleging the subsidiary liability of the former shareholders of Intrust Bank for the debts of the bank.
  • Represented NPK Geotekhnologiya in $6m bankruptcy proceedings.

YUST Law Firm

At YUST Law Firm, Vasiliy Raudin heads up the insolvency group, which handles disputes and cases arising out of bankruptcies. Corporate specialist Alexander Bolomatov is a key name for bankruptcy procedures. The practice acts for clients during the stages preceding expected bankruptcies and also handles all types of restructuring work.

Practice head(s):

Vasiliy Raudin

Key clients

Slavyanskaya apteka LLC

Deposit Insurance Agency State Corporation

East-West United Bank S.A.

Netkanika LLC

Kookmin Bank JSC

FinconsultingK LLC

Football Union of Russia

Carcade LLC

Maxim Lobunets

Medsnab LLC

Work highlights

  • Representing Slavyanskaya apteka LLC as debtor in a bankruptcy case.
  • Acting for Milbank LLC in bankruptcy proceedings under the control of Deposit Insurance Agency.
  • Representing East-West United Bank as creditor in multiple bankruptcy disputes.

Alliance Legal CG

Alliance Legal CG is increasingly instructed on cross-border asset restructuring and bankruptcy-related issues; the team also notably benefits from the firm’s presence in the UAE. The department is adept at handling bankruptcy proceedings, where practice head Alina Manina takes the lead. Investment practice head Dmitriy Fesko is also noted, and clients single out managing partner Evgeniy Karnoukhov.

Practice head(s):

Alina Manina


Impeccable reputation in the business world

Alliance Legal CG has a team of knowledgeable specialists who offer assistance of the highest quality.

Evgeniy Karnoukhov is a strong leader who is able to coordinate the work of his team very well. He has a deep understanding of business culture and how to best apply various legal tools to solve internal corporate problems and resolve disputes.

Key clients

Energomost LLC


National Non-Metallic Company JSC

Sergey Drobzhev

Center for Medical Prevention LLC

Work highlights

  • Assisting JSC Machine-Building Factory of Podolsk (JSC ZiO) with its inclusion in the register of creditors of Enex JSC.
  • Defended Andrey Kozlovskiy against charges concerning fictitious bankruptcy and asset withdrawal in order to evade obligations under a contract.
  • Defending former director Sergey Drobzhev against subsidiary liability charges.

Kovalev, Tugushi & Partners

Kovalev, Tugushi & Partners handles contentious bankruptcy-related matters and asset recovery issues; its team has extensive litigation experience. For cross-border work, the group is also adept at providing advice on Russian law issues relating to proceedings abroad. Name partners Dmitry Tugushi and Sergey Kovalev jointly lead the department, where Sergey Kislov is also a key practitioner.

Practice head(s):

Dmitry Tugushi; Sergey Kovalev


The team moves beyond the mere legal theory — the lawyers know our business on a practical level.

The team is united and the team members organically complement each other’s expertise.

Sergey Kovalev is the best managing partner due to his broad vision and rich legal experience.

The team led by Sergey Kovalev generates the highest legal and business value. Sergey is an excellent practitioner with the significant experience in insolvency in Russia – I know that he been active in the field since the beginning of the 1990s.

Key clients

Dmitry Ananyev


Mechel PJSC

Great Wall Motor Company Limited

Lafitten Company Limited

Euler Hermes

Sersleyton Holdings

Nikolay Sloviev


Work highlights

  • Acted for private individual Dmitry Ananyev in bankruptcy proceedings.
  • Acted for debtor LLC PSN PM in bankruptcy proceedings.
  • Represented Mechel PJSC as an interested party in proceedings arising out of the bankruptcy of OJSC Zlatoust Metallurgical Plant.

Maxima Legal

Maxima Legal is active across the North West region of Russia and assists a varied client base of debtors, creditors and administrators. The team focuses on insolvency litigation, and is also adept at providing non-contentious advice. Maxim Avrashkov and Sergei Bakeshin head up the department, and clients value the experience of senior associate Konstantin Boytsov in bankruptcy work in the energy sector.

Practice head(s):

Maxim Avrashkov; Sergei Bakeshin


Maxima Legal’s lawyers have proved themselves as highly qualified and responsible specialists.

The firm takes a responsible approach to handling cases, carefully sticks to deadlines, and provides clear advice.

Maxima Legal successfully achieved a dismissal of an insolvency petition against our company. We are very happy with their work.

Sergey Bakeshin is one of the most attentive and experienced bankruptcy lawyers I know; he is always skilful in calculating the risks and prospects of success in each case, and is very convincing in courts.

Sergei Bakeshin and Konstantin Boytsov take their job very seriously. It is always a pleasure working with professionals.

Konstantin Boytsov has great expertise in bankruptcy matters in the energy industry.

Key clients

Bank Trust


SeverStroy LLC

SPB Energostroi LLC

Work highlights

  • Represented an insolvency manager in an arbitration case regarding the £13.5m insolvency of SeverStroy LLC.
  • Acted for RSU LLC in arbitral proceedings and other matters concerning its £30m insolvency.
  • Acting for creditor Alexander Menzhulin on the insolvency of Zao Investment company, Energokapital.

Muranov, Chernyakov & Partners

At Muranov, Chernyakov & Partners, the restructuring and insolvency department is headed up by Maxim Platonov  and acts for debtors and creditors in bankruptcy-related proceedings. The team also regularly works for clients seeking debt restructuring assistance.

Practice head(s):

Maxim Platonov

Key clients

JSC Hotel Company

Work highlights

  • Representing JSC Hotel Company as creditor in a case seeking recognition of the debtor’s bankruptcy in the Commercial Court of the Republic of Tatarstan.
  • Acted for LLC International Distribution Service on complex debt recovery matters.


The cross-practice insolvency team at Noerr has strength in insolvency litigation and negotiations, as well as debt recovery work. The department draws on the expertise of the litigation, corporate, banking and tax groups. Practice head Viktor Gerbutov is a key name for international clients involved in insolvency proceedings.

Practice head(s):

Viktor Gerbutov


Noerr‘s team is experienced and offers high-quality services.

The team has a good grasp of the commercial realities concerning the business of clients and litigants. It is effective in communicating with clients and, in my case, with foreign lawyers instructing them.

Viktor Gerbutov has strong experience with complex insolvency proceedings, both in Russia and abroad. He is an excellent expert, both in terms of his academic knowledge and practical experience.

Key clients

General Electric

Scientific Drilling International


Efremov Synthetic Rubber Enterprise

Work highlights

  • Provided expert advice to law firms on Russian law issues in the Royal Court of Justice in London in a lawsuit relating to the insolvent Trust Bank against former members of the board of directors and former owners of the bank.
  • Acted for Scientific Drilling International in litigation against several of its debtors.

Paradigma Law Firm

Dispute resolution boutique Paradigma Law Firm specialises in domestic and cross-border insolvency litigation, and regularly defends creditors in foreign jurisdictions. Managing partner Kliment Rusakomsky leads the department, which has niche experience in managing proceedings for bankruptcy receivers. Natalia Kolodezhnaya is also noted.

Practice head(s):

Kliment Rusakomsky


A distinguished restructuring and insolvency practice which is highly regarded by clients from various business sectors, particularly in relation to bankruptcy proceedings and international debt restructuring.

The team represents both debtors and creditors in bankruptcy cases of any complexity.

The team has experience in processing complex cross-border restructuring projects and manages to coordinate such projects between different jurisdictions.

Kliment Rusakomskiy and Natalya Kolodezhnaya are great tacticians, very efficient and practical.

Valeria Selivanova is a great lawyer, who has outstanding knowledge of Russian and English law.

Key clients

AKB Almazergienbank JSC

Asian Pacific Bank

FSK Leader


Bazoviy Standart LLC

Ledaro Investments A.S.

Signet Bank

Work highlights

  • Represented a bankruptcy receiver in a dispute with a creditor who unfairly obtained assets of the debtor.
  • Represented Asian-Pacific Bank PJSC in proceedings concerning the insolvency of its subsidiary bank, M2M Private Bank PJSC.
  • Assisted Raisa Koroleva with the recovery of €19m in debt.  


Led from Volgograd, the bankruptcy team at VEGAS LEX handles the contentious and transactional aspects of insolvency-related issues. In debt recovery claims and bankruptcy cases, the group has extensive experience acting for creditors and debtors in the Russian judicial system; bankruptcy department head Alexander Vyazovik is notably experienced in this space. In Moscow, managing partner Alexander Sitnikov and litigation practice head Victor Petrov are also key contacts for bankruptcy disputes.

Practice head(s):

Alexander Vyazovik


I have worked on various projects with Vegas Lex and the lawyers always brought top-quality results.

The case on which we instructed trusted Vegas Lex was complicated by a large volume of documents and very short deadlines. As a result, I was impressed with the speed and the quality of work of the team. The lawyers not only managed to complete everything on time, but also won an important case for our business.

Vegas Lex has been acting for our company for a long time and we are always confident in the quality of the services provided. Lawyers are always punctual and give their best.

I turn to Alexander Vyazovik if I need advice concerning complex litigation, because he is a very good example of a knowledgeable lawyer.

Alexander Vyazovik is a great specialist in bankruptcy issues and comes up with very creative approaches to resolving even the most difficult situations.

Key clients