KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER RUSSIAN LAW -
The main piece of the legislation that regulates the activities of parties in insolvency proceedings in the Russian Federation is the Federal Law dated October 26, 2002 No. 127-FZ titled On Insolvency (Bankruptcy) (referred to here as the Insolvency Law). Bankruptcy procedures are considered by the state commercial court at the place of the debtor’s registration and can be initiated by the following persons:
- The creditor;
- An employee of former employee of the debtor, if they have claims for the payment of severance pay and/or wages;
- The competent state authority i.e. the Federal Tax Service;
- The debtor himself (filing a debtor’s petition)...
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