COVID-19 Bankruptcy Moratorium Regime Amended

On April 6, 2020 a 6-month moratorium on initiation of bankruptcy proceedings (the Moratorium) entered into effect in Russia. The Moratorium is a key governmental relief measure in the COVID-19 pandemic. Given the Moratorium’s exceptional and unprecedented nature, unsurprisingly it has received considerable attention — from both the business community and legal practitioners. Some have expressed concerns that certain aspects might be overly restrictive, and that in the absence of further legislative clarifications, some of its provisions create legal uncertainty.

In this light, Federal law ? 149-FZ “On amendments to certain legislative acts of the Russian Federation” dated 24 April, 2020 introduces amendments to the Moratorium to achieve a better balance between protecting the interests of creditors and meeting the business objectives of companies included in the list of debtors to whom the Moratorium applies (Eligible Debtors). Various governmental acts have also amended the lists of Eligible Debtors since April 6. (These lists are expected to be further updated from time to time, to keep pace with a rapidly changing economic environment.)

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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