Sergei Bakeshin assessed bankruptcy law reform for the DP

Sergei Bakeshin - Counsel

In spring 2021, a draft law “On Amendments to the Federal Law ‘On Insolvency (Bankruptcy)’ and Certain Legislative Acts of the Russian Federation” was introduced in the State Duma, changing the requirements and approval procedure for bankruptcy managers. The draft law deprives creditors of the right to nominate trustees who will be appointed at random on the basis of ratings with a point system to assess their performance.

According to the Head of Dispute Resolution and Insolvency Practice at Maxima Legal Sergei Bakeshin, these changes are designed to eliminate the possibility of supervised bankruptcy. “When [the draft law] is enacted, it may break long-established schemes and tricks and change the picture that has emerged in the legal services market in bankruptcy,” the expert said.

To read the full article (in Russian) please visit Delovoy Peterburg website >>>